United States

“Our main challenges going forward will be to maintain our sustainability goals and increase in renewables and energy transition services when market investment in renewables has slowed down and capital investors are more cautious, and decreasing investment from significant projects, such as offshore wind in the US.”

Annual report 2024A · The company itself

“North America: 16%”

Annual report 2025A · The company itself

“Global tablet revenue grew by 15%, driven by the expanding patient and prescriber bases in Europe and North America.”

Annual report 2025A · The company itself

“Sales and marketing expenses increased by 3% to DKK 1,584 million (1,564), driven by the launches of paediatric tablets and neffy ® .”

Annual report 2025A · The company itself

“Revenue growth rates are organic and stated in local currencies, unless otherwise indicated) Tablet revenue grew by 17%, underscoring the tablet portfolio’s position as ALK’s primary revenue source. Growth was particularly driven by the continued expansion of patient and prescriber bases in Europe and North America with paediatric tablet launches adding to the sales momentum. The number of new patients initiating treatment with tablets in 2025 is estimated to have increased by well-above 10%.”

Annual report 2025A · The company itself

“Revenue increased by 15% in local currencies to DKK 6,312 million (5,537), driven by a strong growth in sales of tablets and anaphylaxis products.”

Annual report 2025A · The company itself

“Financial highlights and key ratios for the Corporate matters Sustainability statement Financial statements Annual Report 2025Financial review 23 ALK’s Q4 revenue increased by 17% to DKK 1,733 million (1,499), following double-digit growth in all sales regions. In Q4, respiratory tablets and anaphylaxis products (Jext ® and neffy ® ) remained key drivers, and growth was further supported by shipments of SCIT products to China.”

Annual report 2025A · The company itself

“Progress in 2025 was driven by strong commercial execution of particularly tablet and anaphylaxis sales across Europe and North America.”

Annual report 2025A · The company itself

“Our European business continued to deliver solid, double-digit growth, and the US business made a comeback after the soft performance in 2024. US tablet sales continued to grow by double digits, and we are still working to find new ways to overcome longstanding structural barriers among allergists who have a financial incentive to protect their legacy business.”

Annual report 2025A · The company itself

“the Chair and CEO ALK's global presence Sustainability highlights Business strategy Financial performance Corporate matters Sustainability statement Financial statements Annual Report 2025Business model 8 15% ALK’s full-year revenue grew by 15% in local currencies to DKK 6,312 million (5,537), following double digit growth in all sales regions.”

Annual report 2025A · The company itself

“Year-end, the house dust mite tablet was approved for paediatric use in 30 countries and launched in 21 of them – 10 EU member states, Norway, Switzerland, Canada, the USA, and seven partner markets. The roll-out of the tree pollen allergy tablet ITULAZAX ® /ITULATEK ® for children and adolescents started in April, based on regulatory approvals from the EU and Canada.”

Annual report 2025A · The company itself

“In the USA, ALK and ARS Pharma expanded their partnership with a co-promotion agreement where ALK is responsible for selling neffy ® to approximately 9,000 named paediatricians. This has enabled ALK to accelerate ramp-up of a dedicated paediatric sales force with 65 sales representatives, based on performance-based cost and revenue sharing with ARS Pharma, subject to sales exceeding certain market share thresholds among the paediatricians.”

Annual report 2025A · The company itself

“Revenue in North America increased by 19% in local currencies to DKK 1,037 million (906), fuelled by tablets and Anaphylaxis & other products. The US business recovered from last year’s stagnancy and reported double-digit growth, while growth was higher in Canada, where tablets are the main product line.”

Annual report 2025A · The company itself

“In 2026, ALK will continue its roll-out of neffy ® , including in markets such as Canada, estimated to be worth DKK 0.5 billion, as well as high-potential markets in Asia and the Middle East.”

Annual report 2025A · The company itself

“Revenue in North America increased by 24%, reflecting continued growth in tablet sales in both the USA and Canada, improved performance in sales of life-science products in addition to the cost compensation from ARS Pharma related to the co-promotion of neffy ® to US paediatricians.”

Annual report 2025A · The company itself

“The ALK Group had more than 10% of its total revenue from Germany 25% (2024: 25%), France 16% (2024: 17%), and the USA 14% (2024: 14%) based on the location of the customers.”

Annual report 2025A · The company itself

“Increased credit risk, whether resulting from underestimating the credit losses inherent in our portfolio of loans and receivables, deteriorating economic or political conditions (particularly in the United States, as U.S. Card Members were responsible for approximately 79 percent of our total Card Member loans and receivables outstanding as of December 31, 2025), increases in the level of loan and receivable balances, changes in our mix of business or otherwise, could require us to increase our provisions for losses and could have a material adverse effect on our results of operations and financial condition.”

Annual report 2025A · The company itself

“Jurisdictions that represent a significant portion of our billed business include the United States, the United Kingdom, the European Union, Australia, Japan, Canada and Mexico.”

Annual report 2025A · The company itself

“Orders for power equipment, such as portable compressors and generators, decreased mainly due to significantly lower demand in North America.”

Annual report 2024A · The company itself

“The order intake in North America decreased 4% in local currencies. Order volumes for industrial compressors, and gas and process compressors, decreased, particularly for the latter part of the year. The order intake for vacuum equipment decreased markedly, driven primarily by lower demand from the semiconductor industry.”

Annual report 2024A · The company itself

“Major investments were made in a production and R&D facility in Wuxi, China, a production and R&D facility in Talegaon, India, a compressor production facility in Istanbul, Türkiye, and in a service center for gas and process compressors in Houston, USA.”

Annual report 2024A · The company itself

“As a result, our production facilities are located in Europe, Asia, and the Americas.”

Annual report 2024A · The company itself

“The order intake for equipment remained largely unchanged, with increased demand in Africa/Middle East and South America, while the demand in Asia, Europe, and North America weakened. Orders for industrial compressors remained essentially unchanged, with a slightly better development for small and medium-sized compressors than larger industrial compressors.”

Annual report 2024A · The company itself

“Order volumes decreased for portable compressors and generators, driven by significantly weaker demand in North America.”

Annual report 2024A · The company itself

“Bactiguard är väl positionerat för att dra nytta av den växande marknaden för medicintekniska produkter där våra fem strategiska terapiområden – ortopedi, kardiologi, neurologi , urologi och vaskulär åtkomst – förväntas utgöra en potentiell marknad Den globala marknaden för medicintekniska produkter Nordamerika 36% Europa 25% Asien-Stillahavsregionen 29% Övrigt 10% McKinsey, 2022 som överstiger 70 miljarder USD, enligt intern bolagsanalys. Infektionsfrekvenserna inom varje område representerar ett betydande medicinskt behov och en potential att göra sjukvården mer effektiv och säkrare genom förebyggande åtgärder.”

Annual report 2024A · The company itself

“Vi har ett specifikt fokus på USA, eftersom det finns många stora medtech-aktörer på den marknaden och dessutom en stor vilja bland vårdgivare att betala för infektionsprevention. Bactiguards Wound Managementportfölj är för närvarande främst inriktad på Asien.”

Annual report 2024A · The company itself

“Efterfrågan på naturliga köldmedier växer kraftigt eftersom allt fler stater skärper kraven på att fasa ut traditionella köldmedier. SCM Frigo arbetar nu tillsammans med Beijer Refs plattform i USA för att stärka sin närvaro på kontinenten.”

Annual report 2024A · The company itself

“• I april förvärvades Young Supply som är en nordamerikansk distributör inom kommersiell kyla samt HVAC med huvudkontor i Detroit, Michigan. Young Supply är särskilt starka inom kommersiell kyla och tanken är att nyttja deras kompetens för att öka utbudet inom kylsegmentet i de andra nordamerikanska dotterbolagen.”

Annual report 2024A · The company itself

“Beijer Refs produkter säljs huvudsakligen via koncernens 500+ filialer fördelade på 45 länder.”

Annual report 2024A · The company itself

“Samtliga rörelsesegment – EMEA, APAC och Nordamerika – visade en stabil utveckling och stärkte sina respektive marknadspositioner, drivet av vår lokala närvaro, goda anpassningsförmåga och nära kund- och partnerrelationer.”

Annual report 2024A · The company itself

“Inom Europa är omställningsbehoven särskilt stora i UK, Benelux och Frankrike samtidigt som USA rör sig i samma riktning.”

Annual report 2024A · The company itself

“Varumärket säljs idag till ett flertal länder inom EMEA. Under 2024 har Sinclair även börjat säljas i USA, Afrika och Thailand.”

Annual report 2024A · The company itself

“Under 2023 utökade Beijer Ref sin globala närvaro med förvärvet av det amerikanska HVAC/R-bolaget Heritage Distribution, koncernens största förvärv hittills. Genom affären etablerade sig koncernen på den nordamerikanska marknaden, en strategiskt viktig expansion i linje med bolagets tillväxtambitioner.”

Annual report 2024A · The company itself

“Under 2024 fick SCM Frigo sin första order i USA, av ett stort läkemedelsbolag som beställt två kylanläggningar till sitt lager i Kalifornien.”

Annual report 2024A · The company itself

“Genom förvärvet av Heritage Distribution, som slutfördes i början av 2023, tog Beijer Ref klivet in på den nordamerikanska marknaden. Som en ledande distributör av utrustning, tillbehör och reservdelar inom värme, ventilation, luftkonditionering och kyla (HVACR) utgör bolaget en stark plattform för fortsatt tillväxt i Nordamerika.”

Annual report 2024A · The company itself

“Koncernen har dotterbolag inom stora delar av Europa samt i USA, Afrika och APAC.”

Annual report 2024A · The company itself

“Under årets andra kvartal förvärvades Young Supply, en nordamerikansk distributör inom kommersiell kyla samt HVAC.”

Annual report 2024A · The company itself

“The fulfillment of these aspirations is strongly dependent on: • • • Increased market adoption, especially in the US in the short term, which is reliant on the inclusion of kidney damage biomarkers in Kidney Disease: Improving Global Outcomes (KDIGO) guidelines, anticipated in the first part of 2026.”

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

“This is primarily driven by an increase in active hospitals in U.S., where we are pursuing +60 active hospitals.”

Annual report 2025A · The company itself

“Our focus is on driving market adoption of the NGAL biomarker based primarily on research use only in the US, capturing high growth in North America and the EU, and expanding our addressable market.”

Annual report 2025A · The company itself

“US NGAL revenue totaled DKK 18.4 million, which is an increase of 25% over the prior year period primarily driven by NGAL (RUO) and revenue from strategic distributors.”

Annual report 2025A · The company itself

“In August 2024, as part of the first round of government price setting pursuant to the IRA, the HHS announced the "maximum fair price" for a 30-day equivalent supply of Eliquis, which applies to the U.S. Medicare channel effective January 1, 2026.”

Annual report 2025A · The company itself

“In November 2025, the HHS announced the "maximum fair price" for a 30-day supply of Pomalyst, which applies to the U.S. Medicare channel effective January 1, 2027.”

Annual report 2025A · The company itself

“In January 2026, the HHS selected Orencia as a medicine subject to "negotiation" for government-set prices beginning in 2028.”

Annual report 2025A · The company itself

“In December 2025, we announced an agreement with the U.S. government (the "U.S. Government Agreement") pursuant to which we agreed to, among other things: (i) provide Eliquis for free to the Medicaid program effective January 1, 2026; (ii) donate more than seven tons of Eliquis API to fill the U.S.”

Annual report 2025A · The company itself

“At the state level, multiple states have passed, are pursuing or are considering government action via legislation or regulations to change drug pricing and reimbursement (e.g., establishing prescription drug affordability boards, implementing manufacturer mandates tied to the Federal Public Health Service Act drug pricing program, etc.).”

Annual report 2025A · The company itself

“We have significant manufacturing operations in the U.S., Puerto Rico, the Netherlands, Ireland and Switzerland.”

Annual report 2025A · The company itself

“The percentage of revenues by significant region/country were as follows: Year Ended December 31, Dollars in millions 2025 2024 2023 United States 69 % 71 % 69 % International 29 % 27 % 29 % Other (a) 2 % 2 % 2 % Total Revenues $ 48,194 $ 48,300 $ 45,006 (a) Other revenues include royalties and alliance-related revenues for products not sold by BMS’s regional commercial organizations.”

Annual report 2025A · The company itself

“We generated approximately 31% of our revenues outside of the U.S. in 2025.”

Annual report 2025A · The company itself

“Opioidkrisen fortsätter utgöra ett stort folkhälsoproblem i USA med uppskattningsvis 6–7 miljoner opioidberoende personer och omkring 80 000 årliga dödsfall 2,3 , särskilt relaterade till högpotenta syntetiska opioider som fentanyl.”

Annual report 2024A · The company itself

“I USA har användningen av Brixadi snabbt accelererat sedan lanseringen i september 2023.”

Annual report 2024A · The company itself

“Under 2024 påbörjade vi även etablering av en kommersiell organisation i USA.”

Annual report 2024A · The company itself

“Camurus planerar att kommersialisera CAM2029 på egen hand i USA, Europa och Australien. Under året accelererade lanseringsför - beredelserna genom etablering av Camurus Inc, introduktion för nya medarbetare i USA, deltagande vid viktiga endokrinologikonferenser, rådgivande möten med vårdgivare, betalare och patienter samt strategisk utveckling.”

Annual report 2024A · The company itself

“Positiv avslutning på året och utsikter för 2025 Camurus avslutade 2024 starkt med intäkter i det översta spannet av den höjda finansiella utsikten från november.”

Annual report 2024A · The company itself

“I USA fortsatte lanseringen av Brixadi av vår licenspartner Braeburn.”

Annual report 2024A · The company itself

“Brixadi hade ett starkt första helår som långt överträffade tidigare lanseringar i segmentet. Vid årets slut hade Brixadi nått en marknadsandel på omkring 25 procent i det långtidsverkande buprenorfinsegmentet , vilket genererade 212 miljoner SEK i royaltyintäkter till Camurus, och representerar en ökning med 203 miljoner SEK jämfört med tidigare år.”

Annual report 2024A · The company itself

“Idag har Camurus en effektiv och skalbar plattform för kommersialisering av innovativa läkemedel inom CNS och sällsynta sjukdomar i Europa, Australien och sedan nyligen även i USA.”

Annual report 2024A · The company itself

“Under 2024 etablerade Camurus en egen amerikansk kommersiell infrastruktur inför den planerade lanseringen av Oclaiz™ i akromegali mot slutet av 2024.”

Annual report 2024A · The company itself

“I USA har produkten varit tillgänglig sedan september 2023 och marknadsförs under namnet Brixadi av Camurus licenspartner Braeburn.”

Annual report 2024A · The company itself

“I USA resulterade försäljningen av Brixadi för behandling av opioidberoende i 212 MSEK i royaltyintäkter till Camurus, en ökning med 203 MSEK jämfört med 2023. Camurus amerikanska licenstagare Braeburn har etablerat bred tillgång till behandling med Brixadi med hög täckningsgrad bland amerikanska betalare (Medicaid, kommersiella, federala samt kriminalvården).”

Annual report 2024A · The company itself

“Camurus har verksamhet i Europa, USA och Australien, med huvudkontor i Lund, Sverige.”

Annual report 2024A · The company itself

“Efter positiva kliniska resultat från de regist - reringsgrundande fas 3-studierna i akromegali, ACROINNOVA 1 och 2, skickade Camurus in en registreringsansökan (NDA) till FDA för Oclaiz™ i december 2023. Ansökan accepterades för granskning av FDA i mars 2024 med datum för godkännandebeslut (PDUFA) den 21 oktober 2024.”

Annual report 2024A · The company itself

“(1 299,0) MSEK, en ökning med 27 procent jämfört med föregående år (27 procent vid CER), främst relaterat till försäljningen av Buvidal i Europa och Australien. Royaltyintäkter för produktförsäljning av Brixadi i USA var 212,1 MSEK.”

Annual report 2024A · The company itself

“För Storbritannien blev omsättningen för året 53,9 MSEK (48,8), vilket är en ökning med 10,5 procent. Under perioden har efterfrågan på framför allt internationella bemannings- och rekryteringstjänster av läkare varit god. Dock noteras en nedgång i efterfrågan på läkare på den brittiska marknaden då, NHS i viss utsträckning söker interna lösningar för bemanning inom sjukvården.”

Annual report 2024A · The company itself

“I Dedicare Danmark var den största kunden Region Nordjylland som svarade för cirka 30,2 procent (32,3) av omsättningen 2024. I Storbritannien var under 2024 den största kunden King Edwards Hospital som svarade för cirka 64,0 procent (58,7) av omsättningen.”

Annual report 2024A · The company itself

“Dedicare är aktiva på fyra geografiska marknader inom vård, life science, socialt arbete och pedagogik. Vårt erbjudande skiljer sig delvis mellan de olika marknaderna.”

Annual report 2024A · The company itself

“Vi har ett nära samarbete med försäkringsbolag i USA för att förstå kraven för att få finansiering och vi har avtal med fler än 600 försäkringsbolag för att påskynda och förenkla processen för att få tillgång till finansiering.”

Annual report 2024A · The company itself

“Det finns cirka 200000 förskrivare i USA, som är den största marknaden. 5–10 procent av dem arbetar med kommunikationshjälpmedel och cirka 5 procent av dem gör flera förskrivningar per år.”

Annual report 2024A · The company itself

“Intäkter per geografisk marknad 2024 Europa Nordamerika Övriga länderÖgonstyrning Total tillväxt MSEK % MSEK% % Dynavox Group som investering Introduktion  Investera i Dynavox Group Värdeskapande Erbjudande Hållbarhet Årsredovisning Innehåll Fler än 50 miljoner människor runt om i världen är i behov av kommunikationshjälpmedel, men endast en liten andel har för närvarande tillgång till den hjälp de behöver.”

Annual report 2024A · The company itself

“Finansieringen i USA kommer från privata försäkringsbolag samt offentligt drivna delstatsbaserade betalare eller nationella betalare, som Medicare.”

Annual report 2024A · The company itself

“Välfinansierade Australien, Danmark, Island, Kanada, Nederländerna, Norge, Slovenien, Sverige, Tyskland, USA Komplex finansiering Belgien, Frankrike, Irland, Italien, Japan, Schweiz, Storbritannien, Österrike Lågfinansierade Argentina, Estland, Finland, Israel, Nya Zeeland, Polen, Portugal, Spanien, Sydafrika, Tjeckien Ingen finansiering Övriga världen Introduktion Värdeskapande Erbjudande Finansiering  Nordamerika Hållbarhet Årsredovisning Innehåll Nordamerika Nordamerika är Dynavox Groups största marknad och står för nästan 80 procent av koncernens intäkter.”

Annual report 2024A · The company itself

“Revenues in the United States has been the biggest growth driver for the Group in 2024, delivering growth of 8.7% or EUR 19.1 million year-on-year. This is on the back of successful school milk ramp-up at our joint venture in the Dominican Republic, as well as market share gains in the fresh segment.”

Annual report 2024A · The company itself

“Elopak Annual report 2024 15 15 Our performance | Executing on our strategy Our performance | Executing on our strategy North America Doubling production capacity to supply Pure-Pak ® cartons to awaiting US customers In March 2024, we broke ground on the construction of our new ~300,000-square-foot (~28,000-square-meter) production plant in Little Rock, Arkansas. The initial investment of USD 70 million for the land, building and first production line was announced in June 2023 as a response to the increasing demand for our high quality, innovative and sustainable solutions.”

Annual report 2024A · The company itself

“Recognizing the continued strong momentum, we committed an additional USD 25 million in September 2024 to expand the plant with a second production line after having sold all the production capacity from the first production line. Commercial production will start in the first half of 2025 and be fully ramped up by the end of the year. In addition to the initial investment, we have invested around USD 2.3 million in 2024 towards the second production line.”

Annual report 2024A · The company itself

“This is in line with our forecast for the year, as communicated at our Capital markets day. The increase reflected our investment in global growth initiatives largely represented by the building of a new plant in the US, which amounted to EUR 55.7 million for the full year.”

Annual report 2024A · The company itself

“Realize global growth potential Strengthen leadership in core Leverage plastic replacement shift Our performance | Our strategy ’Repackaging tomorrow’ Executing on our strategy Realize global growth Elopak’ s strategic priority, ‘Realize global growth‘, focuses on accelerating growth in our margin accretive markets in North America, MENA, and India. Since 2022, we have made significant investments to strengthen our market position in these global growth markets. This includes the acquisition of NaturePak, the number one fresh player in the MENA region, establishment of the partly owned subsidiary with GLS Group to enter the Indian market, the largest market for fresh milk in the world, and the construction of our production plant in Little Rock, Arkansas, US, which will transform our ability to serve customers in the region.”

Annual report 2024A · The company itself

“Under 2024 ökade den amerikanska solkraftskapaciteten med 88 procent jämfört med 2023. Det råder stark tillväxt i efterfrågan från bland annat datacenteretableringar och tillverkningsindustri.”

Annual report 2024A · The company itself

“Andel av installerad solcells effekt under 2023 i världen Kina, 40 % USA, 11 %Japan, 6 % Indien, 6 % Australien, 2 % Sydkorea, 1 % Tyskland, 5 % Brasilien, 2 % Spanien, 2 % Italien, 2 % Övriga världen, 23 % Källa: Solar Power Europe, Global Market Outlook for Solar Power 2024-2028 Våra marknader Vi utvecklar projekt för förnybar energi i Sverige, Finland, Baltikum, Polen, USA och Spanien.”

Annual report 2024A · The company itself

“Energy Information Administration (EIA) prognos från 2023 förväntas sol- och vindkraft öka i samtliga delstater och totalt stå för nästan 50 procent av elproduktionen år 2050.”

Annual report 2024A · The company itself

“Den nationella modultillverkningskapaciteten växte också kraftigt och steg med hela 190 procent jämfört med föregående år till totalt 41,2 GW per år.”

Annual report 2024A · The company itself

“Batterilager fortsätter byggas ut i snabb takt i USA och den totala installerade kapaciteten uppgick till mer än 26 GW vid slutet av 2024, en ökning med 66 procent jämfört med året innan. Enligt prognoser från EIA förväntas marknaden nästan dubbleras under 2025 med 19,6 GW i ny kapacitet.”

Annual report 2024A · The company itself

“Batterilager ses som en kritisk del i att skapa ett flexibelt och motståndskraftigt energisystem och utbyggnaden sker främst i form av hybridprojekt med batterilagersystem i anslutning till sol- och vindkraftsparker.”

Annual report 2024A · The company itself

“Ledande politiker i många av dessa delstater uttrycker ett fortsatt starkt stöd till energiomställningen, trots ny politisk inriktning på federal nivå.”

Annual report 2024A · The company itself

“Marknaden utvecklades starkt inom samtliga teknologier under 2024, särskilt solkraft och energilager.”

Annual report 2024A · The company itself

“Vi konsoliderar vår position i Nordeuropa medan expansionen i USA fortsätter. Med portföljvärde, operativ effektivitet och kommersiell attraktivitet i fokus utforskar vi nya marknader och nya segment.”

Annual report 2024A · The company itself

“Under året byggdes batterilagerprojektet Pome (100 MW) som ligger i San Diego County i Kalifornien. I januari 2025 tecknade Eolus avtal om försäljning av Pome, vår fjärde försäljning i landet.”

Annual report 2024A · The company itself

“Projekt i sen utvecklingsfas eller försäljningsfas Projekt Lokalisering Teknologi Effekt, MW Planerad driftsättning Kommentar Centennial Flats Arizona, USA Sol + batterilager 500+267 2026 Projektet är sålt till ett USA-baserat portföljbolag som ingår i stort, globalt riskkapitalbolag. Eolus ska leverera utvecklingstjänster fram tills driftsättning vilken planeras till 2026.”

Annual report 2024A · The company itself

“Anläggningen kommer ha en kapacitet på 100 MW/400 MWh. Under januari 2025 sålde Eolus projektet till en ledande amerikansk producent av förnybar energi.”

Annual report 2024A · The company itself

“Efter Cald, Centennial Flats och Pome är Roccasecca ett kommande Eolus-projekt som kan förverkligas inom de närmaste åren. I Boulder City, ett par mil sydost om Las Vegas, Nevada, utvecklas ett batterilagringsprojekt på 125 MW/504 MWh.”

Annual report 2024A · The company itself

“Med vår nya affärsplan och strategi för 2025–2027 höjer vi ambitionen till att nå branschledarskap i Europa tillsammans med ett starkt fotfäste i Nordamerika.”

Annual report 2024A · The company itself

“Storleken på vår amerikanska projektportfölj var stabil under året och flera av projekten tog stora utvecklingssteg. Eolus säkrade en lånefacilitet om 175 MUSD för att driva vidare byggnationen av batteriprojektet Pome som sedan såldes i början av 2025.”

Annual report 2024A · The company itself

“Eolus expanderade på marknaden genom förvärv av ett projekt i tidig fas i delstaten Illinois.”

Annual report 2024A · The company itself

“Idag har Eolus driftuppdrag inom landbaserad vindkraft i Sverige och USA.”

Annual report 2024A · The company itself

“Solkraft är det teknikslag som växer snabbast och stod för 66 procent av all nyinstallerad kapacitet 2024 enligt Solar Energy Industries Association. Texas hade mest nyinstallerad kapacitet (11,6 GW) under 2024, följt av Kalifornien och Florida.”

Annual report 2024A · The company itself

“Eolus har varit aktivt i USA sedan 2015 och vid utgången av 2024 hade vi nästan en fjärdedel av vår totala projektportfölj i USA.”

Annual report 2024A · The company itself

“In the United States, competition is influenced primarily through incentive‑based domestic content requirements and restrictions related to foreign entities of concern (“FEOC”), which affect eligibility for certain federal tax credits rather than imposing absolute sourcing mandates. Such U.S. policies incentivize the use of U.S.‑manufactured or non‑Chinese equipment and can advantage competitors with established domestic supply relationships, vertically integrated operations, or access to compliant suppliers.”

Annual report 2025A · The company itself

“In 2025, the U.S. President imposed a series of tariffs on nearly all U.S. trading partners pursuant to the International Emergency Economic Powers Act of 1977 (“IEEPA”). As it pertains to the countries where we manufacture solar modules, IEEPA tariffs applied to Vietnam (20%), India (25%), and Malaysia (19%).”

Annual report 2025A · The company itself

“The additional, higher tariffs on imports from these countries has increased the costs of our solar modules manufactured in these countries with respect to our U.S. market. Further, such circumstances have and may continue to impact our ability to sell certain modules into the United States and therefore have and may continue to also impact the operational status of certain of our international manufacturing facilities. As a result, our operating results have and may continue to be adversely impacted by these tariffs.”

Annual report 2025A · The company itself

“Risks Related to Regulations •We have received and expect to continue to receive certain financial benefits as a result of tax incentives enacted by the Inflation Reduction Act of 2022 and amended by the One Big Beautiful Bill Act of 2025. If these financial benefits vary significantly from our assumptions, our business, financial condition, and results of operations could be adversely affected. •Existing regulations and policies, changes thereto, and new regulations and policies may present technical, regulatory, and economic barriers to the purchase and use of PV solar products, which may significantly reduce demand for our modules.”

Annual report 2025A · The company itself

“Module average selling prices in many global markets have declined. However, recent module pricing in the United States, our primary market, has remained stable due, in part, to the rising demand for domestically manufactured modules as a result of the IRA, energy tax credit eligibility restrictions (including foreign-entity-related limitations) as amended by the OBBBA, and tariffs on modules imported into the United States.”

Annual report 2025A · The company itself

“Among other things, the financial incentives provided by the IRA have significantly increased demand for modules manufactured in the United States. We expect to qualify for the advanced manufacturing production credit under Section 45X of the IRC, which provides certain specified benefits for solar modules and solar module components manufactured in the United States and sold to third parties.”

Annual report 2025A · The company itself

“Further, on July 4, 2025, the U.S. President signed H.R.1 into law, commonly referred to as the “One Big Beautiful Bill,” which significantly curtails the availability of certain energy tax credits. H.R.1 includes accelerating the termination of the clean electricity ITC and PTC in relation to solar and restricting tax credits if a taxpayer employs certain products and components produced by a supplier with ties to a FEOC. H.R.1 also severely limits Section 45X tax credit eligibility for products manufactured by, or with material assistance from, a FEOC.”

Annual report 2025A · The company itself

“Business Company Overview We are America’s leading PV solar technology and manufacturing company. The only U.S.-headquartered company among the world’s largest solar manufacturers, First Solar is focused on competitively and reliably enabling power generation needs with our advanced, uniquely American thin film PV technology.”

Annual report 2025A · The company itself

“Sloan primarily works to advocate for domestic energy technology innovation, R&D, manufacturing, and trade policy.”

Annual report 2025A · The company itself

“We are in the process of expanding our domestic manufacturing capacity by approximately 4 GW including the construction of our sixth U.S. manufacturing facility to onshore final production processes for modules initiated by our international fleet, which is expected to commence operations in the second half of 2026.”

Annual report 2025A · The company itself

“United States. Multiple markets within the United States, which accounted for 96% of our 2025 net sales, exemplify favorable characteristics for a solar market, including (i) sizeable and growing electricity needs, driven largely by data center demand and other demand growth across a large number of utility service territories; (ii) strong demand for renewable energy generation; (iii) abundant solar resources; and (iv) demand for domestically manufactured modules.”

Annual report 2025A · The company itself

“Our global manufacturing footprint includes facilities in the United States, Malaysia, Vietnam, and India. During 2023, we commenced production of our Series 7TM (“Series 7”) modules at our third manufacturing facility in Ohio and our first manufacturing facility in India, which combine our thin film CdTe technology with a larger form factor and an innovative steel back rail mounting structure that reduces module installation time. During 2024 and 2025, we commenced production of Series 7 modules at our manufacturing facilities in Alabama and Louisiana, respectively.”

Annual report 2025A · The company itself

“•During 2025, we commenced production of Series 7 modules at our new manufacturing facility in Louisiana. During 2025, we produced 16.1 GW and sold 17.5 GW of solar modules. •In June 2025 and July 2025, we entered into two separate agreements for the sale of $701.9 million of Section 45X tax credits we generated during 2025 for aggregate cash proceeds of $668.1 million.”

Annual report 2025A · The company itself

“On December 22, 2025, the United States Department of Interior announced that it is pausing the leases for all large-scale offshore wind projects under construction in the United States, which had a direct impact on the Vineyard Wind project completion timeline.”

Annual report 2025A · The company itself

“The U.S. market currently represents approximately 60% of Onshore Wind's equipment RPO. This market has seen various changes related to sector-specific tariffs and production tax credits, increasing short-term demand volatility.”

Annual report 2025A · The company itself

“Our footprint is truly global with approximately 24,000 employees in Europe, 21,000 employees in the U.S., 19,000 employees in Asia, and 6,000 employees in Latin America.”

Annual report 2025A · The company itself

“SEGMENT Number of Facilities Power 41 Wind 17 Electrification 33 Total 91 The locations of GE Vernova's manufacturing locations by geographic region are as follows: GEOGRAPHIC REGION Number of Facilities Americas 27 Association of Southeast Asian Nations 26 Europe, the Middle East, and Africa 38 Total 91 In addition to the manufacturing facilities described above, GE Vernova maintains many offices, warehouses, and distribution facilities globally.”

Annual report 2025A · The company itself

“For Glaston, the US architectural glass machines market is important. Currently, US trade policy is subject to unpredictability and any new taxes imposed on the country's imports could have an impact on Glaston's business and economic development.”

Annual report 2025A · The company itself

“Read more Sauna culture is gaining significant momentum in the U.S. and Asian markets. Driven by social media and public wellness trends, the total addressable market is continuously expanding.”

Annual report 2025A · The company itself

“In North America and APAC & MEA, awareness of sauna and its health benefits continued to grow and market demand developed favorably.”

Annual report 2025A · The company itself

“We continued pursuing growth instrategically important markets in North America and the APAC &MEA region and made growth-fueling investments in common IT infrastructure and our facilities, supportingbest-in-class operational eciency.”

Annual report 2025A · The company itself

“Harvia pursues growth in strategically important markets outside Europe in North America and the APAC & MEA region. In Europe, the company focuses on further strengthening its position and capturing growth.”

Annual report 2025A · The company itself

“Infrared saunas are the most popular sauna type in North America, but also traditional saunas and steam saunas have a growing presence in the region.”

Annual report 2025A · The company itself

“It is notable that our growth is increasingly global, with revenue outside Europe already at 49% in 2025.”

Annual report 2025A · The company itself

“With an installed base of just over 1million saunas, the sauna penetration in North America is still low when compared to many mature sauna markets.”

Annual report 2025A · The company itself

“North America achieved 22.1% sales growth in 2025.”

Annual report 2025A · The company itself

“The North American wellness market is experiencing rapid expansion, with sauna emerging as one of the growth categories. North America is Harvia’s largest sales region with 38.1% share of revenue in 2025 and the key market for driving growth, in line with the company’s strategic focus areas.”

Annual report 2025A · The company itself

“The share in sauna heaters and components is estimated to be well over 20%. • Harvia is the leading player in its main markets: North America (38% of revenue in 2025), Continental Europe (28%) and Northern Europe (23%).”

Annual report 2025A · The company itself

“Harvia has four geographical sales regions, which are North America, Northern Europe, Continental Europe, and Asia-Pacific-MEA (Middle East & Africa) and Harvia’s products are sold in nearly 100 countries.”

Annual report 2025A · The company itself

“The number of personnel at the end of December 2025 in countries where Harvia has personnel is presented in the table below.”

Annual report 2025A · The company itself

“The near-term market outlook deteriorated significantly following the U.S. presidential election, where the sudden uncertainty around policy has resulted in customers delaying purchasing decisions.”

Annual report 2024A · The company itself

“The market for zero-emission heavy-duty is consequently developing slower than anticipated, and the near-term market outlook has become increasingly uncertain following the US presidential election as customers are delaying purchasing decisions.”

Annual report 2024A · The company itself

“For battery electric trucking in North America, following the US presidential election, there is limited forward visibility on timing for customer demand and a slower ramp-up curve is now expected. Hexagon Purus is well positioned to serve the battery electric heavyduty trucking market in North America through its comprehensive know-how and technology solutions as well as newly established manufacturing footprint in Dallas (US) and Kelowna (Canada).”

Annual report 2024A · The company itself

“The Company’s hydrogen and battery electric heavy-duty vehicle business, centered around the US market, is on the other hand experiencing uncertainty and low demand visibility following the US presidential election.”

Annual report 2024A · The company itself

“REFLECTING ON 2024 | A WORD FROM THE CEOREFLECTING ON 2024 | A WORD FROM THE CEO Opened new and expanded hydrogen infrastructure and systems manufacturing hub in Weeze, Germany, significantly increasing capacity of Type 4 high-pressure hydrogen infrastructure solutions Launched the Tern RC8 battery electric heavy-duty truck for the US market, in partnership with Hino Motors, at the ACT Expo show in Las Vegas Confirmed by Toyota Motor North America (TMNA) as supplier of components for its heavy-duty fuel cell electric powertrain kits for hydrogen powered heavy-duty vehicles Secured up to CAD 8.5 million in funding from the Commercial Vehicle Innovation Challenge (CVIC) in Canada to further develop the Company’s battery electric vehicle technology”

Annual report 2024A · The company itself

“In North America, the demand for hydrogen buses remains more localized with California spearheading the adoption of public zero-emission transportation. This is largely due to state-level policies, such as California Air Resource Board (CARB) requirement that all new transit bus purchases must be zero-emission by 2029.”

Annual report 2024A · The company itself

“Tiettyjen lyhytaikaisiin varoihin kirjattujen erien alenemisella, joka johtui Italian kokoonpanotoimintojen uudelleenjärjestelystä sekä heikosta kysynnästä Yhdysvalloissa, oli 10 miljoonan euron negatiivinen vaikutus vertailukelpoiseen liikevoittoon.”

Annual report 2025A · The company itself

“Merkittävä osa Yhdysvalloissa myydyistä Hiabin tuotteista kootaan paikallisesti, mutta suuri osa komponenteista hankitaan maailmanlaajuisesti. Hiab ei välttämättä pysty siirtämään yhtiön tuotteisiin tai niiden komponentteihin jo asetettujen ja mahdollisten uusien tullien myötä nousevia kustannuksia asiakkaidensa maksettavaksi täysimääräisesti.”

Annual report 2025A · The company itself

“Palvelu- ja Pohjois-Amerikan liiketoiminnan kasvattamisella on ratkaiseva rooli Hiabin kasvutarinassa.”

Annual report 2025A · The company itself

“Vuonna 2025 EMEA:n osuus saaduista tilauksista oli 54 ( 49) prosenttia ja Amerikoiden 39 ( 44) prosenttia.”

Annual report 2025A · The company itself

“Vuonna 2025 EMEA:n osuus liikevaihdosta oli 50 ( 49) prosenttia ja Amerikoiden 43 (45) prosenttia.”

Annual report 2025A · The company itself

“Vaikutukset ovat olleet nähtävissä Yhdysvalloissa asiakkaiden hidastuneessa päätöksenteossa, mikä on vaikuttanut negatiivisesti Hiabin saatuihin tilauksiin ja liikevaihtoon.”

Annual report 2025A · The company itself

“Hiabin tilauksista merkittävä osa tulee Yhdysvaltojen markkinoilta.”

Annual report 2025A · The company itself

“We estimate that approximately 40% of the type 1 diabetes population in the United States and 25% of the international type 1 diabetes population use insulin pump therapy.”

Annual report 2025A · The company itself

“Omnipod 5 Omnipod DASH Omnipod 5 In 2022, we received U.S. Food and Drug Administration (“FDA”) clearance and CE Mark approval under the European Union Medical Device Regulation (“MDR”) for Omnipod 5, which builds on our Omnipod DASH platform.”

Annual report 2025A · The company itself

“Our products are manufactured in three locations: at our manufacturing facility in the United States, at our manufacturing facility in Malaysia, and on manufacturing lines owned by us at a facility located in China that is operated by a third-party contract manufacturer.”

Annual report 2025A · The company itself

“We also sell our products in Canada, Australia, and certain countries in Europe and the Middle East. As a result, we are required to comply with additional foreign regulatory requirements, which may vary substantially from country to country. As we expand our sales efforts internationally, we may need to obtain additional foreign approval certifications.”

Annual report 2025A · The company itself

“In addition to global and United States economic conditions, our operating performance will be impacted by the economic conditions in our markets. We base a substantial part of our business plan on our belief that property values and operating fundamentals for single-family properties in our markets will continue to improve over the near to intermediate term. However, these markets have experienced substantial economic downturns in the past and could experience similar or worse economic downturns in the future.”

Annual report 2025A · The company itself

“We operate in markets with strong demand drivers, high barriers to entry, and high rent growth potential, primarily in the Western United States, Florida, and the Southeast United States. Through disciplined market and asset selection, as well as through strategic mergers and acquisitions, we designed our wholly and jointly owned portfolios to capture the operating benefits of local density as well as economies of scale that we believe cannot be readily replicated.”

Annual report 2025A · The company itself

“We project that by 2030, the European and North American DC fast-charging market will expand to approximately EUR 14 billion to support the growing number of battery electric vehicles. In Europe and North America, the number of DC fast-charging points is expected to grow to 2.7 million units from 0.4 million in 2025.”

Annual report 2025A · The company itself

“While Europe is developing strongly, North America is projected to see even higher demand. Our solutions are engineered to meet the requirements of electric trucks, vans, and buses.”

Annual report 2025A · The company itself

“In North America, public funding is accelerating BEV adoption, but favorable economics and total cost of ownership remain the primary drivers of the broader EV transition. We are continuing to expand in Europe, sustaining a strong foothold in the Nordics and increasing our market share in Southern Europe while enhancing our offerings in Central Europe.”

Annual report 2025A · The company itself

“NYC’s fastest EV charging hub supports a sustainable rideshare transformation As New York City targets a zero-emission rideshare fleet by 2030, Revel’s Pier 36 charging hub on the East River delivers fast and accessible EV access. At the launch of the state-of-the-art DC fast charging hub at Pier 36, Lower Manhattan, NYC, Kempower and Revel marked a significant milestone in sustainable urban mobility.”

Annual report 2025A · The company itself

“Kempower is supplying advanced DC fast chargers and its first Megawatt Charging System (MCS) dispensers in North America to EV Realty’s new 76-stall truck fleet charging hub. The site in San Bernardino, California, is set to be the largest grid-connected charging site in the US. It will power over 200 Class 8 trucks per day.”

Annual report 2025A · The company itself

“Our pioneering technology makes Kempower an industry leader, and we are well positioned to capture both markets with our production facilities located in Lahti, Finland, and in North Carolina, USA.”

Annual report 2025A · The company itself

“Kempower expands in the U.S. by partnering with PowerUp America, strengthening its role in delivering reliable and uniquely designed charging solutions while supporting domestic job creation and local economic growth.”

Annual report 2025A · The company itself

“In Europe, some long-standing customers are gradually increasing their investments, with the exception of the Nordics, where activity remains moderate following the high investment levels of recent years. In North America, our outlook is positive given our strengthening market share and competitiveness.”

Annual report 2025A · The company itself

“The outcome of our preliminary agreements with the U.S. government and broader U.S. policy efforts to align domestic pharmaceutical pricing with international benchmarks from countries with competing healthcare cost containment priorities is uncertain and could impact our pricing strategies, product demand or access, or competitive positioning across global markets, and may result in reduced revenue in certain markets.”

Annual report 2025A · The company itself

“In November 2025, we announced preliminary voluntary agreements with the U.S. government in which, among other arrangements, we agreed to implement measures to lower Medicaid and certain other drug prices for U.S. patients and to launch new medicines with a more balanced pricing approach across developed nations. We face risks and uncertainty associated with these arrangements and negotiating the definitive agreements, including potential delays and the possibility of unfavorable terms related to pricing, access, and other key objectives. Among other risks, we may fail to adequately capitalize on the additional U.S. access to our obesity medicines resulting from these agreements, particularly if the revenues generated from such expanded access are insufficient to offset pricing concessions.”

Annual report 2025A · The company itself

“For example, in August 2023, HHS selected Jardiance, which is part of our collaboration with Boehringer Ingelheim, as one of the first ten medicines subject to government-set prices in Medicare (effective beginning in 2026) at a significant discount compared to the list price. In January 2026, HHS selected Trulicity and Verzenio as additional medicines subject to government-set prices to be effective in 2028. Given our product portfolio, we expect additional products will be selected in future years, which would have the effect of accelerating revenue erosion.”

Annual report 2025A · The company itself

“Continued expansion of the 340B program and growth of entities claiming entitlement to 340B pricing, including in ways that may be inconsistent with the statutory scheme and through state laws that purport to mandate 340B sales to contract pharmacies, impact our revenue on an increasing percentage of sales. Changes to the calculation of rebates under the Medicaid program could also increase our Medicaid rebate obligations and decrease the prices charged to 340B covered entities, which could have a significant impact on our business.”

Annual report 2025A · The company itself

“Investments to increase our manufacturing capacity include new sites in North Carolina, Wisconsin, Indiana, Virginia, Texas, Alabama, Pennsylvania, Ireland, Germany, and the Netherlands.”

Annual report 2025A · The company itself

“We manufacture and distribute our products through facilities in the United States (U.S.), including Puerto Rico, and in Europe and Asia.”

Annual report 2025A · The company itself

“Our active ingredient manufacturing and finishing operations, including formulation, filling, assembling, delivery device manufacturing, and packaging, take place at sites in the U.S., including Puerto Rico, Ireland and a number of other sites throughout the world.”

Annual report 2025A · The company itself

“The 15% tariffs imposed by the United States significantly weakened Metsä Board’s sales of paperboard in the region. Folding boxboard deliveries to the United States fell by 17% from the previous year. The impact of tariffs has only been partly passed on to prices, as substitute products have been available on the market.”

Annual report 2025A · The company itself

“The 15% import tariffs imposed by the United States have weakened the competitiveness of Metsä Board’s products in the US. Any additional tariffs and changes in the administration’s policies may increase economic uncertainty, weaken global trade and increase the volatility of financial markets. In 2025, around 20% of Metsä Board’s sales came from the US.”

Annual report 2025A · The company itself

“Demographic challenges and geopolitical tensions, particularly between China and the United States, are weakening the outlook. A deterioration in EU-China relations or a continued decline in demand could reduce demand for pulp and paperboard.”

Annual report 2025A · The company itself

“By market area, 60% (58) of sales came from Europe, 25% (27%) from the Americas, and 15% (15) from Emerging markets.”

Annual report 2025A · The company itself

“However, the company aims to maintain its strong market position and customer relationships in the United States, where the performance of Metsä Board’s paperboard and the company’s service offering are highly valued.”

Annual report 2025A · The company itself

“Det konstaterades att det primära effektmåttet inte uppnåddes med 8 veckors daglig dosering följt av veckovis underhållsdosering. Mykologisk läkning (svampfrihet) var lägre än vad som observerats i tidigare studier.”

Annual report 2024A · The company itself

“Omkring fem miljoner nagelsvampsbehandlingar förskrivs årligen på den amerikanska marknaden3, vilket drivs av en åldrande befolkning.”

Annual report 2024A · The company itself

“Marknadsvillkoren varierar mellan regioner, med betydande skillnader i prissättning och ersättningssystem. I USA, Japan och Kanada dominerar den receptbelagda marknaden med höga listpriser (över 500 USD/ månad i USA) och omfattande rabatteringsmodeller, medan EU, Mellanöstern och Asien kännetecknas av receptfria behandlingar med lägre prisnivåer (cirka 15–40 USD/förpackning).”

Annual report 2024A · The company itself

“Bolaget har ingått avtal om vidareförsäljning av MOB-015 med kommersialiseringspartners för Kanada, Skandinavien och Israel.”

Annual report 2024A · The company itself

“De viktigaste marknaderna för MOB-015 förväntas vara USA, EU, Japan, Kanada och Kina.”

Annual report 2024A · The company itself

“Detta betyder en fördröjning i förväntad lanseringstidpunkt i US A och bolagets styrelse har därmed beslutat om en nedskrivning av immateriella tillgångar. Moberg Pharma har den långsiktiga ambitionen att genomföra en ytterligare klinisk studie i USA för att uppnå FDA-godkännande, stärka produktens kliniska evidens och marknadspåståenden globalt samt stödja bolagets pågående patentansökan.”

Annual report 2024A · The company itself

“Med trettio till fyrtio miljoner amerikaner drabbade av nagelsvamp är möjligheterna goda att utöka marknaden när ett nytt effektivt preparat lanseras.4 I en omfattande MOB015 undersökning som genomfördes under 2017 bland 90 amerikanska läkare (fotvårdsläkare och dermatologer) framkom att det finns stor efterfrågan på bättre utvärtes behandlingar av nagelsvamp, utan de medicinska risker som är förenade med orala behandlingar.”

Annual report 2024A · The company itself

“Moberg Pharma har avtal med kommersiella partners på plats i Kanada, Skandinavien och Israel.”

Annual report 2024A · The company itself

“Moberg Pharma har aktiva licensavtal med partners i Skandinavien, Kanada och Israel och kommer fortsatt arbeta nära partners med lokala registreringsprocesser och kommersialisering.”

Annual report 2024A · The company itself

“For the full year, revenue ended at DKK 313 million (2024: DKK 346 million), corresponding to a revenue growth of -9.6%”

Annual report 2025A · The company itself

“Project postponements – particularly in parts of our US business and segments of our European markets – resulted in lower revenue growth and profitability than originally anticipated.”

Annual report 2025A · The company itself

“The temporary slowdown is not seen to be founded in structural changes or expected to have a lasting impact.”

Annual report 2025A · The company itself

“During 2025, Region US has seen a scattered business performance across its business areas. The repeatable service solutions offering have been growing throughout the year and the data migration business is steadily recovering.”

Annual report 2025A · The company itself

“NNIT is a trusted Danish IT and consulting partner with a global footprint across Europe, the US, and Asia.”

Annual report 2025A · The company itself

“In the fourth quarter, Region US experienced an unexpected impact from postponement of several large projects and a temporary slowdown in new contract signings, which affected overall revenue generation. Performance was unsatisfactory as the underlying business generated revenue was DKK 72 million, equal to a growth of -10% and organic growth of -2%.”

Annual report 2025A · The company itself

“However, towards the end of the year, US experienced a temporary and unexpected slowdown.”

Annual report 2025A · The company itself

“For the full year, revenue ended at DKK 313 million (2024: DKK 346 million), corresponding to a revenue growth of -9.6% and organic growth of -7.5%.”

Annual report 2025A · The company itself

“USA 9,961”

Annual report 2025A · The company itself

“This is countered by lower realised prices, including the MFN ("Most Favoured Nations") agreement in the US and the loss of exclusivity for the semaglutide molecule in certain markets in International Operations.”

Annual report 2025A · The company itself

“In US Operations, the outlook is based on current prescription trends for the injectable GLP-1 portfolio, intensifying competition as well as negative impact from reduced obesity medication coverage in Medicaid.”

Annual report 2025A · The company itself

“Sales in US Operations increased by 3% measured in Danish kroner and by 8% at CER.”

Annual report 2025A · The company itself

““We are acting urgently to strengthen our portfolio through targeted investment in next‑generation therapies and business development” The US remains our biggest market and demands our boldest moves.”

Annual report 2025A · The company itself

“The latter is the world’s first and only oral GLP‑1‑based medicine to be approved for chronic weight management and is now being produced domestically in the US, with API manufactured at our Clayton, North Carolina site and tablets made and packed at our Durham, North Carolina site.”

Annual report 2025A · The company itself

“OREXO ÖVERSIKT / INVESTERINGSTEMAN OREXO ÖVERSIKT Om oss VD-ord Mål och strategier Investeringsteman Marknad och produkter Teknologi och innovation Pipeline FÖRVALTNINGSBERÄTTELSE FINANSIELLA RAPPORTER OCH NOTER BOLAGSSTYRNING USD 1,500 bn Den samhälleliga kostnaden för opioidkrisen i USA⁷ >64,000 Antal årliga överdoser förorsakade av opioider 6 ~5,7 m Antal amerikaner beroende av opioider 3 Vi bidrar till att bekämpa den amerikanska opioidkrisen med ett växande erbjudande Opioidepidemin i USA är en allvarlig hälsokris med betydande kostnader för det amerikanska samhället.”

Annual report 2024A · The company itself

“Drivkrafter för marknadstillväxt Under 2024 växte den amerikanska marknaden för buprenorfin/naloxon med 3 procent, en mindre nedgång jämfört med förra årets tillväxt på 4 procent. Förväntningarna är att marknadstillväxten kommer att påverkas positivt på lång sikt av den nya lagen, Mainstreaming Addiction Treatment Act. Lagen, som trädde i kraft 2023, tog bort taket för antalet patienter som läkare kan behandla med LARO och nu kan alla läkare med licens att förskriva kontrollerade läkemedelssubstanser förskriva LARO för OUD.”

Annual report 2024A · The company itself

“Stabilisering av Zubsolvs volym Buprenorfin/naloxon-marknaden växte med 3 procent i volym, vilket är i linje med förra årets marknadsutveckling.”

Annual report 2024A · The company itself

“Finansiella utsikter 2025 • Buprenorfin/naloxon marknaden växer 2–5 procent, baserat på nuvarande tillväxttakt • Nettointäkter för Zubsolv i USD i intervallet USD 50–55 miljoner • OPEX exklusive avskrivningar och amorteringar, i intervallet SEK 460–500 m • Positivt EBITDA för helåret 2025.”

Annual report 2024A · The company itself

“Genom närvaron på den amerikanska marknaden interagerar Orexo regelbundet med myndigheter, beslutsfattare, integrerade vårdnätverk, försäkringsbolag och patientorganisationer med det slutgiltiga målet att öka tillgången till behandling.”

Annual report 2024A · The company itself

“Stark kassagenerering från affärs segmentet US Commercial Orexos ledande läkemedel Zubsolv är en viktig kassagenerator. År 2024 uppgick EBITDA för US Commercial, vilket är helt relaterat till Zubsolvs försäljning, till SEK 177 miljoner.”

Annual report 2024A · The company itself

“US Commercial omfattar kommersialisering av Zubsolv och det digitala stödprogrammet MODIA ® i USA.”

Annual report 2024A · The company itself

“Viatris kommersialiserar Edluar i Europa och USA. Edluar skyddas av patent i EU fram till 2025 och i USA fram till 2031.”

Annual report 2024A · The company itself

“US Commercials nettoomsättning uppgick till SEK 560,3 miljoner (577,7), minskningen är framför allt hänförlig till en större nedgång i lagernivåerna hos grossisterna.”

Annual report 2024A · The company itself

“Den 14 juli 2020 fick Orexos amerikanska dotterbolag ett föreläggande i syfte att möjliggöra för amerikanska myndigheter att erhålla viss information kopplad till försäljning och marknadsföring av Zubsolv ® och andra buprenofinprodukter.”

Annual report 2024A · The company itself

“Huvudmarknaden är idag den amerikanska marknaden för buprenorfin/ naloxon-produkter där Orexo säljer sin ledande produkt Zubsolv ® för behandling av opioidberoende.”

Annual report 2024A · The company itself

“Orexos mål och strategier framåt är att bredda den kommersiella plattformen i USA för att skapa synergier och öka försäljning, ytterligare öka den amerikanska verksamhetens utveckling och bidrag till EBIT samt att inom tre år lansera minst en ny produkt från pipeline.”

Annual report 2024A · The company itself

“The outlook assumes that the Nubeqa® royalties and product sales booked by Orion will increase clearly in 2026. Orion’s assumption is based on forecasts received from its partner Bayer.”

Annual report 2025A · The company itself

“The three key elements in the strategy are the following: 1) Build a customer driven portfolio through our competitive businesses: • Innovative Medicines focuses on oncology and pain management, leveraging Orion’s R&D expertise in these crucial and expanding fields. • Branded Products continues building on its strength and success in Respiratory and Parkinson’s disease. • Generics and Consumer Health provides a large cost-effective generics portfolio complemented by value-added and complex generics to European hospitals and other selected markets and caters to customer needs with consumer health products with value propositions.”

Annual report 2025A · The company itself

“Orion’s growth strategy in three steps according to Orion strategic roadmap: 1) Strengthen & Expand – Strengthen European and Asia Pacific market positions. 2) Build and Invest – Build and invest into global commercial assets and capabilities. 3) Accelerate – Grow and maximise value of global assets.”

Annual report 2025A · The company itself

“The company has two large research centres in Finland and smaller R&D offices in Cambridge, UK and Boston, US. In addition, Orion’s Animal Health division has small R&D operations in France and Belgium.”

Annual report 2025A · The company itself

“UK Regional har cirka 56 miljoner invånare och ekonomin domineras av industri, grossist- och detaljhandel samt hälsooch sjukvårdstjänster. Även om reseefterfrågan till största del är inhemsk noterades tillväxt i internationellt resande till UK Regional redan perioden innan pandemin och då främst i universitetsstäder och städer med rik historia som exempelvis Edinburgh, Oxford och Cambridge.”

Annual report 2024A · The company itself

“Fortsatt god utveckling för europeisk rese- och hotellindustri Tillväxten i hotellmarknaden i Europa 2024 var mer normal jämfört med den höga tillväxt som noterades alldeles efter pandemin. Internationellt resande nådde åter upp till samma nivå som före pandemin, fritidsresandet var stabilt samtidigt som både grupp- och affärsresandet bidrog till ökad beläggning och ökat snittpris på veckodagarna. Större events som Taylor Swift, fotbolls-EM i Tyskland och OS i Paris hade en särskild positiv effekt under det andra och tredje kvartalet. • I Norden såg Norge den starkaste utvecklingen, drivet av en god snittprisutveckling, speciellt i regionstäderna.”

Annual report 2024A · The company itself

“Cirka 4 600 nya hotellrum har tillförts den regionala marknaden de senaste tolv månaderna. I pipeline finns ytterligare cirka 12 800 hotellrum vilket motsvarar en kapacitetsökning på cirka 2,3 procent.”

Annual report 2024A · The company itself

“• UK Regional uppvisade god tillväxt med stöd av förbättrade snittpriser, där Edinburgh och Glasgow var de enskilt starkaste marknaderna. • I Bryssel var den internationella efterfrågan god, men tillväxten dämpades på grund av ny kapacitet.”

Annual report 2024A · The company itself

“Avyttring av DoubleTree by Hilton Montreal, inklusive drift, i april 2024. Försäljningspriset var cirka 80 MCAD.”

Annual report 2024A · The company itself

“Internationella städer Regionala städer Inhemska städer Total portfölj Rum per läge Stadskärna, 62% Ringled, 16% Flygplats, 10% Resort, 4% Företagspark, 4% STRATEGI OCH VÄRDESKAPANDEHÄR FINNS PANDOX VERKSAMHETEN FASTIGHETER STYRNING FINANSIELLT OCH HÅLLBARHET Storbritannien har vuxit att bli Pandox största marknad under 2024, mätt i fastighetsvärde. Under de senaste åren har Pandox genomfört stora investeringar på den brittiska marknaden, både genom nya förvärv och investeringar i befintlig portfölj.”

Annual report 2024A · The company itself

“Vårt största hotell i Storbritannien Pandoxdestinationer med Premier Leaguelag i fotboll Leonardo Royal Birmingham, 445 rum Den brittiska hotellmarknaden består av två separata och tydligt distinkta marknader – London och UK Regional (Storbritannien exklusive London). Med sina 9,5 miljoner invånare är London ett av världens ledande finansiella centrum och en global destination som lockar cirka 20 miljoner internationella besökare varje år. Staden erbjuder cirka 160 000 hotellrum och har alltid varit lukrativ för hotellutveckling.”

Annual report 2024A · The company itself

“Antal invånare: 68 miljoner BNP: 2,27 biljoner GBP (2023) Antal gästnätter: 293 miljoner (2023) Storbritannien är Europas tredje största hotellmarknad efter Spanien och Tyskland (mätt i antal rum).”

Annual report 2024A · The company itself

“Various laws and regulations govern the payments industry in the U.S. and internationally. In the U.S., PayPal, Inc. (a wholly-owned subsidiary) holds licenses to operate as a money transmitter (or its equivalent) in the states where such licenses are required, as well as in the District of Columbia and certain territories.”

Annual report 2025A · The company itself

“RISKS RELATED TO OUR BUSINESS, INDUSTRY AND OPERATIONS: MANAGED CARE TRENDS Private payors, such as health plans, and other managed care entities, such as PBMs, continue to take action to manage the utilization and costs of drugs in the U.S., the single largest market for biopharmaceutical products. The negotiating power of MCOs, PBMs and other private third-party payors has increased due to consolidation, and they, along with state and federal governments, increasingly employ tools to control costs and encourage utilization of certain drugs, including through the use of deductibles, utilization management tools, cost sharing or formulary placement.”

Annual report 2025A · The company itself

“They may demand rebates and/or fees from biopharmaceutical manufacturers for preferred formulary placement, or for unrestricted access on a drug formulary. The growing availability and use of higher-cost innovative specialty pharmaceutical medicines that treat rare life-threatening conditions has also increased payor interest in the deployment of cost-containment strategies. We may fail to obtain or maintain timely or adequate pricing or formulary placement of our products, or fail to obtain such formulary placement at pricing that reflects the value of the treatment.”

Annual report 2025A · The company itself

“Some payers are directing beneficiaries to third-party patient assistance programs, rather than covering certain treatments. In other instances, insurers disallow manufacturers’ co-pay assistance from counting toward reaching the deductible or out-of-pocket maximum. Both approaches can delay access to treatment or result in treatment abandonment.”

Annual report 2025A · The company itself

“Such payors are also increasingly imposing utilization management tools requiring prior authorization for a branded product or requiring the patient to first fail on one or more other products before permitting access to a particular branded medicine. As the U.S. third-party payor market consolidates further, and as the IRA prices become publicly available, we may face greater pricing pressure from third-party payors, including insurers and PBMs, as they continue to drive more of their patients to use lower cost alternatives or seek even larger rebates to control costs or offset losses from the IRA and other market pressures.”

Annual report 2025A · The company itself

“Several manufacturers, including Pfizer, have signed voluntary agreements with the Trump Administration designed to ensure U.S. patients pay lower prices for their prescription medicines. This may impact the competitive environment, including pricing dynamics for any of our current or potential future products, as well as contracting with payers.”

Annual report 2025A · The company itself

“In addition, competition from manufacturers of generic drugs, including from generic versions of competitors’ branded products that lose their market exclusivity, is a major challenge for our branded products. Certain of our products have experienced significant generic competition over the last few years.”

Annual report 2025A · The company itself

“We also commercialize biosimilar products that compete with products of others, including other biosimilar products. The number of current and forthcoming competing biosimilars, coupled with Medicare’s average sales price-based provider reimbursement methodology, is expected to increase pricing pressures on our biosimilar products.”

Annual report 2025A · The company itself

“For example, in May and July 2025, the Trump Administration issued the MFN Initiatives and, in September 2025, we announced an agreement with the Trump Administration in which we voluntarily agreed to implement measures designed to make certain drug prices for U.S. patients more comparable to those in other developed countries (the MFN Agreement). We are also participating in the TrumpRx.gov platform, which allows U.S. patients to purchase certain medicines at significant discounts to current retail prices.”

Annual report 2025A · The company itself

“Ibrance and Xtandi were included in the list of 15 drugs selected.”

Annual report 2025A · The company itself

“HEALTHCARE REGULATION The U.S. healthcare industry is highly regulated and subject to frequent and substantial changes. Major U.S. healthcare reform occurred with the passage of the OBBBA on July 4, 2025, a budget reconciliation bill that includes significant funding cuts to Medicaid, the Health Insurance Marketplaces, and the Medicare Physician Fee Schedule. The Congressional Budget Office (CBO) estimates the OBBBA will reduce federal healthcare spending and lead to a 10 million increase in the U.S. uninsured population, all of which could lead to increased pricing controls and lower demand for our products.”

Annual report 2025A · The company itself

“Further, the evolving vaccine landscape is becoming more challenging and increases risks to Pfizer. Among other things, risks include changing regulatory requirements, including for potential development or approval of our vaccine candidates, government investigations, changes in legislation, policy, liability landscape or other administrative actions, changes, delays or failure to receive recommendations, reimbursement, regulatory approvals and coverage for our vaccines, restrictions on pharmaceutical advertising and changes to government agencies and advisory boards.”

Annual report 2025A · The company itself

“For example, in January 2026, the CDC unilaterally reduced the number of immunizations routinely recommended for all children in the U.S.”

Annual report 2025A · The company itself

“Revenues from operations outside the U.S. of $25.5 billion, $24.9 billion and $31.4 billion accounted for 41%, 39% and 53% of Total revenues in 2025, 2024 and 2023, respectively.”

Annual report 2025A · The company itself

“In 2025, 41% of our total revenues were derived from international operations, including 21% from Europe and 12% from China, Japan and the rest of the Asia Pacific region.”

Annual report 2025A · The company itself

“Federal, state or local government action, including regulatory actions and inaction by the FDA, may have a material adverse impact on our commercialization of SFPs and in our business in the United States. The FDA’s premarket tobacco product and modified risk tobacco product authorizations of two versions of our IQOS product as well as the premarket tobacco authorizations of 20 varieties of ZYN nicotine pouches are subject to strict marketing, reporting and other requirements.”

Annual report 2025A · The company itself

“These renewal requests were received by the FDA 360 days prior to the stated July 2024 expiration date of the original exposure modification orders, as requested by the FDA in the original orders. On May 9, 2024, the FDA filed for scientific review of our MRTP renewal applications for IQOS products and posted materials from these applications. The FDA referred our MRTP renewal to the Tobacco Product Scientific Advisory Committee (“TPSAC”).”

Annual report 2025A · The company itself

“On April 30, 2025, we submitted the Annual Report for the IQOS THS to the FDA. The report included a systematic review of the literature covering publications related to the IQOS THS between March 1, 2024, and February 28, 2025.”

Annual report 2025A · The company itself

“On January 16, 2026, we submitted the first Annual Report for ZYN products to the FDA. The report included a systematic review of the literature covering publications related to ZYN products between January 16, 2025, and October 31, 2025.”

Annual report 2025A · The company itself

“In April 2024, we submitted MRTPAs for ZYN products currently marketed in the United States and requested authorization of a modified risk claim. In February 2025, the FDA formally accepted our MRTPAs and in June 2025, issued a filing letter for 20 ZYN nicotine pouch products. This action initiated a scientific review of our MRTPAs which requested the following modified risk claim: “Using ZYN instead of cigarettes puts you at a lower risk of mouth cancer, heart disease, lung cancer, stroke, emphysema, and chronic bronchitis.””

Annual report 2025A · The company itself

“PMI affiliates and Swedish Match affiliates are taking appropriate actions to address the illicit resale of certain of our oral products including nicotine pouches outside their initial intended market of retail, such as Scandinavia, the U.S. and other markets.”

Annual report 2025A · The company itself

“On July 30, 2024, PMI announced a memorandum of understanding with KT&G. This non-binding memorandum establishes the parties’ intent to collaborate on regulatory submissions for those new KT&G heat-not-burn products that PMI selects to commercialize 59 in the U.S.”

Annual report 2025A · The company itself

“In 2022, we significantly expanded our oral smokeless products portfolio with the acquisition of Swedish Match. Swedish Match's ZYN is the leading smoke-free product brand in the U.S. market.”

Annual report 2025A · The company itself

“•Since August 2020, we have launched and expanded our portfolio of vaping products (branded VEEV) in 47 markets. •Following our acquisition of Swedish Match, we have access to a strong portfolio of Swedish Match brands, and more specifically to ZYN. Modern oral pouches are currently available in 56 markets.”

Annual report 2025A · The company itself

“As of December 31, 2025, our four geographical segments were as follows: •Europe Region is headquartered in Lausanne, Switzerland, and covers all the European Union countries, Switzerland, the United Kingdom, and also Ukraine, Moldova and Southeast Europe; it also includes our Wellness business; •South and Southeast Asia, Commonwealth of Independent States, Middle East and Africa Region ("SSEA, CIS & MEA") is headquartered in Dubai, United Arab Emirates.”

Annual report 2025A · The company itself

“Our largest nicotine pouch manufacturing facility is located in the United States.”

Annual report 2025A · The company itself

“South Korea 68.0 70.5 14.0 14.0 7.5 8.3 6.5 5.7 20.6 19.9 9.5 8.1 Americas Argentina 26.8 26.4 17.0 16.4 17.0 16.4 — — 63.5 62.1 — — Mexico 30.5 31.6 17.6 18.5 17.3 18.3 0.3 0.2 57.8 58.5 1.0 0.7 (1) Market share estimates are calculated using IMS data, unless otherwise stated.”

Annual report 2025A · The company itself

“Total Currency Acqui-sitions / Dives-titures Price Vol/ Mix Cost/ Other — $ (186) $ 597 $ (13) Operating Income $ 505 $ 548 (7.8) % (0.9) % $ (43) $ (38) $ — $ (186) $ 547 $ (366) Net revenues increased by 7.1%.”

Annual report 2025A · The company itself

“On April 30, 2019, following its comprehensive assessment of our PMTA, the FDA determined that marketing a version of IQOS, namely, IQOS 2.4 and three related consumables, is appropriate for the protection of public health and authorized those products for sale in the United States.”

Annual report 2025A · The company itself

“On December 7, 2020, the FDA reached the same determination for IQOS 3.0, authorizing that version of the device for sale in the United States.”

Annual report 2025A · The company itself

“On July 7, 2020, the FDA determined that the available scientific evidence demonstrates that the issuance of an exposure modification order would be appropriate for the promotion of public health and authorized the marketing of a version of IQOS, namely IQOS 2.4 and three related consumables, as MRTP products with reduced exposure claims. On March 11, 2022, the FDA reached the same determination for the IQOS 3.0 device.”

Annual report 2025A · The company itself

“In March 2024, the FDA formally accepted our bundled PMTAs and MRTPAs.”

Annual report 2025A · The company itself

“FDA Review of Oral Tobacco and Nicotine Products: PMTAs for 20 varieties of ZYN nicotine pouches were submitted in March 2020. On January 16, 2025, the FDA determined that all 20 ZYN nicotine pouch varieties currently marketed in the U.S. met the applicable public health standard and were appropriate for the protection of public health and, therefore, authorized them for sale in the United States.”

Annual report 2025A · The company itself

“We are subject to regulation by federal authorities. Such regulation affects almost every aspect of our businesses, including management and operations; the terms and rates of transmission services; the rules governing the payments we receive from PJM markets; investment strategies; the financing of our operations and the payment of dividends.”

Annual report unknown yearA · The company itself

“Markets and Market Pricing All of PSEG Power’s nuclear generation assets are located within the PJM RTO. In PJM, owners of power plants specify prices at which they are prepared to generate and sell energy based on the marginal cost of generating energy from each individual unit.”

Annual report unknown yearA · The company itself

“LIPA Operations Services Agreement (OSA) PSEG LI has been operating LIPA’s electric T&D system in Long Island, New York since 2014 under a 12-year OSA with LIPA that expired on December 31, 2025. In 2025, a five year extension of the contract was approved.”

Annual report unknown yearA · The company itself

“The North American market proved resilient despite tariff-related disruptions, with consumer spending and retail activity holding up throughout the year despite related price increases.”

Annual report 2025A · The company itself

“The significant share of the United States in the Group’s net sales exposes the Group to changes in U.S. trade policy and tariff regimes. The introduction of new tariffs or increases in existing tariffs may increase costs, weaken demand and put pressure on margins, as cost increases cannot always be fully passed on to sales prices.”

Annual report 2025A · The company itself

“North America Sales in North America increased by 10% from the comparison period with reported translation exchange rates and increased by 14% with comparable translation exchange rates. Two consecutive strong ice fishing seasons supported both earlyyear replenishment sales of winter products and load-in orders in the latter part of the year.”

Annual report 2025A · The company itself

“In the United States, laws, rules, and regulations governing data privacy and security include those enacted on a federal level, such as the Federal Trade Commission Act, and those enacted by certain states, such as the California Consumer Privacy Act of 2018, as amended by the California Privacy Rights Act (the “CCPA”). Additionally, laws in all 50 U.S. states require 36 Table of Contents businesses to provide notice under certain circumstances to governmental authorities and affected individuals in connection with breaches of personal information.”

Annual report 2025A · The company itself

“For example, the EU and UK GDPR prohibit transfers of personal information from the European Economic Area (“EEA”) or UK to countries not formally deemed adequate by the European Commission or the UK Information Commissioner’s Office (“UK ICO”), respectively, including the U.S., unless particular compliance mechanisms (and, if necessary, certain safeguards) are implemented. The mechanisms that we and many other companies rely upon for EEA and UK data transfers (for example, standard contractual clauses or the EU-US Data Privacy Framework and the UK Extension to the EU-US Data Privacy Framework) are the subject of legal challenge, regulatory interpretation, and judicial decisions. While the U.S. and the EU reached agreement on the EU-US Data Privacy Framework (and similar agreements were reached with respect to the UK) and while we currently self-certify to the EU-US Data Privacy Framework, the Swiss-US Data Privacy Framework, and the UK Extension, there are legal challenges to this data transfer mechanism as well.”

Annual report 2025A · The company itself

“We had an average of 121.4 million DAUq and 471.6 million WAUq in the three months ended December 31, 2025.”

Annual report 2025A · The company itself

“In 2011, the Centers for Medicare & Medicaid Services, or CMS, implemented the Durable Medical Equipment, Prosthetics, Orthotics and Supplies (DMEPOS) competitive bidding program, which included durable medical equipment purchasers of our CPAP and respiratory assist devices (or bilevel devices), and related supplies and accessories. Under the program, DMEPOS suppliers compete to become Medicare contract suppliers by submitting bids to furnish certain items in competitive bidding areas (CBAs). The lower payment amounts resulting from the competition may replace the Medicare fee schedule amounts for the bid items in these areas.”

Annual report 2026A · The company itself

“Under this final rule, the average payment rates under the PFS would be reduced by 2.93% in CY 2025, removing the temporary increase in payment for CY 2024. This amounts to an estimated CY 2025 PFS conversion factor of $32.35, a decrease of $0.94 from the CY 2024 conversion factor of $33.29, resulting in lower Medicare payments to Part B suppliers.”

Annual report 2026A · The company itself

“For example, the California Consumer Privacy Act, effective on January 1, 2020, as amended by the California Privacy Rights Act, or collectively, the CCPA, was the first of a series of state privacy laws designed to provide California residents expanded rights with regard to their personal information. The CCPA provides for civil penalties for violations, as well as a private right of action for data breaches that is expected to increase data breach litigation.”

Annual report 2026A · The company itself

“United States, Canada, and Latin America or "Americas". Our products are typically purchased by an HME provider who then sells the products to the patient. The decision to purchase our products, as opposed to those of our competitors, is made or influenced by one or more of the following individuals or organizations: prescribing practitioners, HME providers, insurers (both private and public), and patients.”

Annual report 2026A · The company itself

“Other Regulatory Bodies Our devices are sold in multiple countries and often need to be registered with local regulatory bodies such as the Therapeutic Goods Administration in Australia, Health Canada in Canada and CFDA in China.”

Annual report 2026A · The company itself

“We manufacture substantially all of our products outside the U.S. and sell a significant portion of our products outside the U.S. Sales in Rest of World regions accounted for approximately 37% and 36% of our net revenues in the years ended June 30, 2026 and June 30, 2025, respectively.”

Annual report 2026A · The company itself

“Net revenue from our Sleep and Breathing Health business in the Americas for the year ended June 30, 2026 increased to $3,281 million from $2,998 million for the year ended June 30, 2025, an increase of $284 million or 9%. The increase in net revenue associated with our devices and masks was primarily attributable to increased demand and unit sales across our sleep health portfolio, partially offset by lower unit sales of our life support devices.”

Annual report 2026A · The company itself

“Our principal executive offices and U.S. sales facilities consist of approximately 230,000 square feet and are located on Spectrum Center Boulevard in San Diego, California, in a building we own.”

Annual report 2026A · The company itself

“I USA behöver strax över 2 miljoner intensivvårdspatienter mekanisk ventilering och sedering varje år . Vid antagande om liknande indikation som i Europa uppskattar Sedana Medical marknadspotentialen i USA till 10–12 miljarder SEK.”

Annual report 2024A · The company itself

“Med fler än 100 000 intensivvårdsplatser och generellt högre prisnivå för sederingsbehandlingar representerar USA bolagets största potentiella marknad. Efter slutförande av bolagets kliniska fas III-program, som beviljats snabbspårsbeteckning av FDA, förutsatt ett godkännande, siktar Sedana Medical på att lansera sina produkter genom en egen kommersiell organisation.”

Annual report 2024A · The company itself

“Sedana Medical bedömer att bolaget kan skapa mest aktieägarvärde genom att i egen regi lansera sina produkter kommersiellt i USA. Pågående och framtida nyckelaktiviteter kopplat till detta är: • kartläggning av den amerikanska marknaden på regionoch sjukhusnivå, inklusive pris- och ersättningssystem; • skapa oss en bättre lokal klinisk förståelse genom bland annat lokala rådgivanade möten (sk advisory boards); • expandera den amerikanska organisationen med uppbyggnaden av en egen säljstyrka i USA;”

Annual report 2024A · The company itself

“Geografiskt har Sedana Medical ett tydligt fokus på bolagets nuvarande direktmarknader i Europa (Tyskland, Spanien, Frankrike, Storbritannien och Irland, Norden och Benelux) samt bolagets största potentiella marknad USA.”

Annual report 2024A · The company itself

“Maximera möjligheterna i USA Med fler än 100 000 intensivvårdsplatser och generellt högre prisnivå för sederingsbehandlingar representerar USA vår största potentiella marknad. Efter slutförande av vårt kliniska fas III-program, som beviljats Fast Track Designation av FDA, förutsatt ett godkännande, siktar vi på att lansera våra produkter genom en egen kommersiell organisation.”

Annual report 2024A · 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

“I USA er der et stigende inflow i USD i forbindelse med øget aktivitet.”

Annual report 2025A · The company itself

“2026 – specielt i Asien og Nordamerika, som fortsat er fokusområder.”

Annual report 2025A · The company itself

“Produktionen sker på fabrikker i Danmark, Polen, Finland, Slovakiet, Kina, Indien og USA.”

Annual report 2025A · The company itself

“Produktionen sker på fabrikker i Danmark, Polen, Letland, Kina og USA.”

Annual report 2025A · The company itself

“Produktionen sker på fabrikker i Danmark, Sverige, Polen, Letland, Kina og USA.”

Annual report 2025A · The company itself

“Många länder, inklusive USA och flera europeiska nationer, investerar både i nya reaktorer och modernisering av befintliga anläggningar. Trenden har skapat en växande marknad för våra tjänster inom bränsle- och materialprovning, avfallshantering och avancerade programvarulösningar.”

Annual report 2024A · The company itself

“Utvecklingen av programsystemet sker huvudsakligen i USA och försäljningen bedrivs från kontor i Europa, USA, Japan och Kina.”

Annual report 2024A · The company itself

“Scandpower har fortsatt levererat ett starkt resultat och stärker sin position på den amerikanska marknaden. Detta genom tecknande av avtal vilket bidragit till ett förbättrat resultat.”

Annual report 2024A · The company itself

“Affärsområdet Scandpower har under året rönt stora framgångar i USA – avgörande har varit den avancerade programvaran för bränsleoptimering vilken lett till en försäljningsökning på 18,6 % för affärsområdet.”

Annual report 2024A · The company itself

“De tekniska lösningarna licensieras, med tillhörande ingenjörstjänster, till kunder i Europa, Nordamerika och Asien, för att driva anläggningarna i kundernas egen regi.”

Annual report 2024A · The company itself

“We have significant operations in Canada and in member states of the EU, which could be negatively impacted by a trade war with the United States.”

Annual report 2025A · The company itself

“Presidential Administration for various defense and NASA programs could impact our Engineered Systems, Aerospace and Defense Electronics and Digital Imaging segments. Budget cuts at NASA have negatively impacted the revenues of Engineered Systems in 2025 and are expected to further impact revenues in 2026.”

Annual report 2025A · The company itself

“In both 2025 and 2024, sales to customers outside the United States accounted for approximately 48% of total net sales.”

Annual report 2025A · The company itself

“Properties At December 28, 2025, we had 81 principal operating facilities in 20 states and 11 foreign countries.”

Annual report 2025A · The company itself

“At December 28, 2025, our principal operating facilities by segment were located as follows (countries and states listed alphabetically): •Digital Imaging - Belgium, Canada, Estonia, France, the Netherlands, Norway, Spain, Sweden, the UK and the United States ◦The United States includes principal operating facilities in California, Indiana, Maryland, Massachusetts, Montana, New Hampshire, New Jersey, Oklahoma, Oregon, Pennsylvania and Tennessee •Instrumentation - Denmark, France, Iceland, UK and the United States ◦The United States includes principal operating facilities in California, Colorado, Florida, Massachusetts, Nebraska, New Hampshire, New York, Ohio, Pennsylvania, Texas and Virginia •Aerospace and Defense Electronics - the UK and the United States ◦The United States includes principal operating facilities in California, Illinois, Ohio and Texas •Engineered Systems - the United States ◦ The United States includes principal operating facilities in Alabama, Maryland and Tennessee Subsequent to the end of fiscal year 2025, we completed one acquisition that is part of the Instrumentation segment, with principal operating facilities in the UK.”

Annual report 2025A · The company itself

“Liikevaihdosta Pohjois-Amerikan ja muun maailman osuus kasvoi 31,1 %:iin (16,0 %), johtuen erityisesti Pohjois-Amerikan toimitusvolyymien kasvusta.”

Annual report 2025A · The company itself

“Pohjois-Amerikan ja muun maailman suhteellinen osuus liikevaihdosta nousi 30 % tasolle vuonna 2025, ja odotamme osuuden jatkavan kasvuaan vuonna 2026. Yhtiöllä oli vuoden 2025 päättyessä yli 20 verkkooperaattoriasiakasta Pohjois-Amerikassa.”

Annual report 2025A · The company itself

“Broadband Networks liiketoimintasegmentissä laajakaistateknologian kysyntä kääntyi kasvuun vuonna 2025, Pohjois-Amerikan verkkoinfrastruktuuri-investointien myötä. Yhtiö laajensi Pohjois-Amerikan asiakaspohjaansa jo 20 asiakkuuteen, ja ’Pohneratkaisujen lisääntyminen ja digitaalisten järjestelmien integroituminen arkeen luovat vahvan ja pitkän aikavälin kasvupohjan joukkoliikenteen informaatioratkaisuille.”

Annual report 2025A · The company itself

“Liiketoiminnan päämarkkina-alueita ovat Eurooppa jois-Amerikan ja muun maailman’ suhteellinen osuus liikevaihdosta kasvoi 31 % tasolle edellisen tilikauden 16 %:sta. Trendin odotetaan jatkuvan tulevina vuosina, kokonaismarkkinan kasvaessa.”

Annual report 2025A · The company itself

“Konsernin liikevaihdosta ”Pohjois-Amerikka ja muut maat” -osuus kasvoi 25,2 %:iin (15,2 %) johtuen erityisesti Broadband Networksin Pohjois-Amerikan kysynnän merkittävästä kasvusta, sekä Public Safety and Mobility segmentin strategisista projektitoimituksista Pohjois-Amerikkaan ja Lähi-itään.”

Annual report 2025A · The company itself

“Telesten tärkeimmät markkina-alueet ovat Eurooppa ja Pohjois-Amerikka, ja pääasiakasryhmiä ovat teleoperaattorit, julkisen turvallisuuden toimijat sekä liikenne- ja infrastruktuuriyhtiöt.”

Annual report 2025A · The company itself

“Yksikön päämarkkina-alue on Eurooppa, mutta kasvua haetaan erityisesti Pohjois-Amerikassa.”

Annual report 2025A · The company itself

“Yksikön päämarkkina-alue on Eurooppa, mutta sillä on toimintaa myös Pohjois-Amerikassa ja Lähi-idässä.”

Annual report 2025A · The company itself

“From 2019 through 2025, ESPN was the exclusive broadcaster of UFC live events in the U.S., including PPV events. In August 2025, UFC announced a new seven-year partnership with Paramount, a Skydance Corporation ("Paramount"), to become the exclusive home of all UFC events in the U.S. Starting in 2026, Paramount will exclusively distribute UFC’s full slate of 13 marquee numbered events and 30 Fight Nights via its direct-to-consumer streaming platform, Paramount+, with select numbered events to be simulcast on CBS, Paramount’s leading broadcast network.”

Annual report 2025A · The company itself

“UFC content reaches over 950 million households across 50 broadcast partners in over 50 languages in more than 170 countries.”

Annual report 2025A · The company itself

“Mobile Thermal Solutions visade anpassningsförmåga inför minskad efterfrågan, som främst berodde på kunders lagerjusteringar i Nordamerika.”

Annual report 2024A · The company itself

“Inflation Reduction Act, som tidigare införts i USA, har bidragit positivt till försäljningen då stimulanspaketet uppmuntrar omställning till fossilfri energi och därmed ökat efterfrågan på elektrifierade fordon.”

Annual report 2024A · The company itself

“Efterfrågan på hyttförsedda fyrhjulingar fortsätter att öka i Nordamerika. Fordonen används alltmer inom jordbruk och skogsindustrin.”

Annual report 2024A · The company itself

“Under 2024 förvärvades mark i Toronto, 420 MSEK, som ett led i att samla tre produktionsanläggningar i Toronto till en gemensam anläggning.”

Annual report 2024A · The company itself

“Mobile Thermal Solutions mötte under andra halvåret vikande efterfrågan i Nordamerika jämfört med föregående års höga volymer, men kunde genom effektiviseringsåtgärder öka lönsamheten och stabilisera bruttomarginalerna.”

Annual report 2024A · The company itself

“Försäljning sker huvudsakligen på två marknader – Nordamerika och Europa, där USA står för 69 procent av omsättningen.”

Annual report 2024A · The company itself

“Divisionen bedriver försäljning i cirka 70 länder, där erbjudandet vänder sig till ett flertal olika kundgrupper.”

Annual report 2024A · The company itself

“Divisionen har verksamhet i samtliga världsdelar.”

Annual report 2024A · The company itself

“Americas 6,828”

Annual report 2025A · The company itself

“The offshore market segment, despite recent challenges, is expected to grow faster from a lower base. Installation growth is expected across all three regions EMEA, Americas and Asia Pacific, with key developed markets in Europe, North America and Australia accounting for approx. 60 percent of expected installations in the period from 2026 to 2030.”

Annual report 2025A · The company itself

“Allocation Round 7 in the UK, which included significant reforms to the auction design such as extended CfD contract length from 15 to 20 years, awarded 8.4 GW of wind capacity, compared to AR5 in 2023, which failed to secure any offshore wind.”

Annual report 2025A · The company itself

“In the USA, shifts in policy and government priorities have significantly slowed down the adoption of offshore wind in the US energy mix, and further progress will likely depend on future administrations.”

Annual report 2025A · The company itself

“In the USA, there is customer interest in building affordable, readily deployable, and sustainable power generation. With an onshore order backlog in the USA of 6.8 GW (2024: 7.5 GW), and our local manufacturing footprint centered in Colorado, Vestas is strongly positioned to benefit from the buildout in this market in the coming years.”

Annual report 2025A · The company itself

“In the USA, we saw a continued good level of order intake of 3.0 GW, compared to 3.2 GW in 2024.”

Annual report 2025A · The company itself

“The vast majority of our pipeline is located in our core markets of Australia, the USA, and Brazil.”

Annual report 2025A · The company itself

“For example: •Regulations adopted by the U.S. Federal Reserve cap the maximum U.S. debit interchange reimbursement rate received by large financial institutions at 21 cents plus 5 basis points per transaction, plus a possible fraud adjustment of 1 cent.”

Annual report 2025A · The company itself

“In October 2023, the Federal Reserve issued a proposal for comment that further lowers debit interchange rates, with a mechanism for automatic adjustment every two years.”

Annual report 2025A · The company itself

“Visa employees are located in 86 countries and territories, with more than 60% located outside the U.S.”

Annual report 2025A · The company itself

“More than half of our net revenue is earned outside the U.S.”

Annual report 2025A · The company itself

“Under de tre första kvartalen 2024 möttes Communication av en svagare efterfrågan på MAFI:s produkter drivet av en inbromsning av 5G-utrullningen framför allt i USA.”

Annual report 2024A · The company itself

“Den kombinerade årliga försäljningen för dessa fyra PKI:er översteg 5,2 miljarder USD år 2023 på den amerikanska marknaden och 7,1 miljarder USD globalt.”

Annual report 2024A · The company itself

“2024 uppgick den globala marknaden för Sprycel ® , vars sekundära patent går ut under 2026, till cirka USD 1,93 miljarder, varav den amerikanska marknaden stod för cirka USD 1,45 miljarder.”

Annual report 2024A · The company itself

“1,85 miljarder år 2023, varav den amerikanska marknaden stod för USD 0,88 miljarder.”

Annual report 2024A · The company itself

“PKI-marknaden för njurcancer omsatte cirka 3 miljarder USD i USA under 2023.”

Annual report 2024A · The company itself

“Cabozantinib uppnådde 1,81 miljarder USD i nettoförsäljningsintäkter i USA för räkenskapsåret 2024.”

Annual report 2024A · The company itself

“Xspray Pharmas operativa strategi är att som ett första steg introducera bolagets produkter på den amerikanska marknaden och förbereda utvalda produktkandidater för lansering vid gynnsamma patentspecifika tidpunkter.”

Annual report 2024A · The company itself

“Som ett första steg planerar Xspray Pharma att introducera bolagets produkter på den amerikanska marknaden. Vinstmarginalerna bedöms vara högre i USA än i resten av världen eftersom PKI:er är högt prissatta på den amerikanska marknaden.”

Annual report 2024A · The company itself

“For example, U.S. tariff and export controls policies have recently experienced rapid and extensive change, which in turn drove responsive or retaliatory changes to other countries’ tariff and export controls policies, many of which had adverse consequences on our cost of goods sold and revenue. We cannot predict how these dynamic developments will impact us or the bilateral and multilateral trade agreements upon which we rely. Existing or future tariffs and trade restrictions could have a material adverse effect on our business and financial results.”

Annual report 2025A · The company itself

“The Americas operating segment is our largest operating segment. This segment is comprised principally of the U.S. and includes other North, Central and South American markets. The U.S. accounted for approximately 95 percent of net sales in this region in 2025.”

Annual report 2025A · The company itself

“We sell our products in more than 100 countries and derived approximately 42 percent of our net sales in 2025 from outside the U.S.”

Annual report 2025A · The company itself

“Our corporate headquarters is in Warsaw, Indiana. Warsaw, Indiana is also home to our most significant manufacturing, research and development (“R&D”) and other business activities for our Knees, Hips and S.E.T. product divisions.”

Annual report 2025A · The company itself

“We have approximately 25 manufacturing locations in the U.S. and internationally. Our most significant locations outside of the U.S. are in Switzerland, Ireland and China.”

Annual report 2025A · The company itself

“29.6 GW Renewable capacity... The US 8.0 GW”

Annual report 2025B · From the report

“We have seen recently that political decisions in US impact our asset projects in construction, our ability to qualify for tax credits or tariffs on key components such as steel and wind turbine components that could lead to significant adverse financial impacts.”

Annual report 2025A · The company itself

“Construction risk Description Offshore wind projects are large and complex in nature and may encounter obstacles, both from internal and external factors, leading to installation challenges impacting project execution, delays to construction schedules, and cost overruns. The risk remains high in the US due to the uncertainty about executive actions on permitting and tariffs.”

Annual report 2025A · The company itself

“The main contributors to the net impairment were updated tariff assumptions in the US, the stop-work order on Revolution Wind and the lease suspension orders on Revolution Wind and Sunrise Wind, regulatory uncertainty in the US, the divestment of our European onshore business, and impairments related to the decision to discontinue the Hornsea 4 project in its current form.”

Annual report 2025A · The company itself

“Strengthening our capital structure to maintain a solid investment-grade rating By completing the rights issue in October, we raised DKK 60 billion in gross proceeds, which will cover the incremental funding requirement from retaining full ownership of Sunrise Wind in the US. Additionally, the proceeds will contribute to an appropriate capitalisation in the years from 2025 through 2027 when we will complete the construction of our 8.1 GW offshore wind construction portfolio.”

Annual report 2025A · The company itself

“European markets such as the United Kingdom, Germany, the Netherlands, Poland, and Denmark are characterised by high energy demand, mature frameworks, ambitious offshore wind targets, and a willingness to support the build-out of offshore wind.”

Annual report 2025A · The company itself

“Delivering on the current 8.1 GW construction programme In the US, we have continued to progress across our Northeast Program. Sunrise Wind is ~45 % complete, with more than half of the turbine foundations installed and commissioning planned for H2 2027.”

Annual report 2025A · The company itself

“Revolution Wind is ~87 % complete, and the commissioning works are ongoing and expected to be finalised in H2 2026.”

Annual report 2025A · The company itself

“For our generation businesses, our priority for development is in key growth markets, such as the U.S. and Chile, where we can leverage our global scale and synergies with our existing businesses by adding renewable energy. We make the decision to invest in new projects by evaluating the strategic fit, financial profile, projected returns, and risk for the investment and against alternative uses of capital, including corporate debt repayment.”

Annual report 2025A · The company itself

“The plant is fully contracted through a long-term PPA with PREPA expiring in 2037.”

Annual report 2025A · The company itself

“At the same time, we have embarked on the most ambitious investment growth in the history of our U.S. utilities, which will improve the reliability and quality of service for our customers, while maintaining some of the lowest rates in both states where our utilities operate. AES Indiana and AES Ohio are now two of the fastest growth U.S. utilities, with projected double-digit rate base growth through 2027, based on necessary investments for our 6 | 2025 Annual Report customers.”

Annual report 2025A · The company itself

“AES Indiana, our fully integrated regulated utility, and AES Ohio, our transmission and distribution regulated utility, each operate as the sole distributors of electricity within their respective jurisdictions. AES Indiana owns and operates all of the facilities necessary to generate, transmit, and distribute electricity. AES Ohio owns and operates all of the facilities necessary to transmit and distribute electricity.”

Annual report 2025A · The company itself

“In the Utilities segment, AES operates four utilities in El Salvador with installed operating capacity of 143 MW, as well as an integrated utility in Indiana, with installed operating capacity of 4,056 MW.”

Annual report 2025A · The company itself

“AES Indiana is an integrated utility that is engaged primarily in generating, transmitting, distributing, and selling electric energy to retail customers in the city of Indianapolis and neighboring areas within the state of Indiana and is subject to regulatory authority—see Regulatory Framework and Market Structure below. AES Indiana has an exclusive right to provide electric service to the customers in its service area, covering about 528 square miles with an estimated population of approximately 982,000 people.”

Annual report 2025A · The company itself

“AES Ohio is a utility company that transmits and distributes electricity to approximately 541,000 retail customers in a 6,000 square mile area of West Central Ohio and is subject to regulatory authority—see Regulatory Framework and Market Structure below.”

Annual report 2025A · The company itself

“This segment comprises generation facilities using natural gas, LNG, coal, pet coke, diesel, and/or oil, in nine countries — Vietnam, the United States, Argentina, Chile, Bulgaria, Mexico, Jordan, Panama, and the Dominican Republic.”

Annual report 2025A · The company itself

“Conventional Generation Business Description — In the U.S., we own a conventional generation portfolio. The principal markets and 30 | 2025 Annual Report locations where we are engaged in the generation and supply of electricity (energy and capacity) are the California Independent System Operator ("CAISO") and Puerto Rico.”

Annual report 2025A · The company itself

“AES Southland Business Description — AES Southland is one of the largest generation operators in California by aggregate installed capacity, with an installed gross capacity of 2,823 MW at the end of 2025.”

Annual report 2025A · The company itself

“However, given the profitability erosion some major medical carriers are facing in their core lines of business, the Company has seen a more competitive landscape as these carriers seek entry into Aflac's supplemental product segments and leverage their core benefit offerings by bundling and discounting products in order to gain market share.”

Annual report 2025A · The company itself

“The Company designs its U.S. insurance products to provide supplemental coverage for people who already have major medical or primary insurance coverage, as Aflac U.S. insurance policies pay benefits regardless of other insurance.”

Annual report 2025A · The company itself

“Insurance Products Accident Accident Insurance Aflac U.S. offers accident coverage on both an individual and group basis. These policies pay cash benefits in the event of a covered injury.”

Annual report 2025A · The company itself

“Business Disability Disability Insurance Aflac U.S. offers short-term disability benefits on both an individual and group basis and long-term disability benefits on a group basis.”

Annual report 2025A · The company itself

“Critical Care Cancer Insurance Aflac U.S.'s cancer insurance products provide a lump-sum benefit upon initial diagnosis of cancer and subsequent benefits for treatment received due to cancer. Aflac U.S. offers cancer insurance on an individual basis.”

Annual report 2025A · The company itself

“Critical Illness Insurance Aflac U.S. offers coverage for critical illness plans on both an individual and group basis. These policies are designed to pay cash benefits in the event of critical illnesses such as heart attack, stroke or cancer.”

Annual report 2025A · The company itself

“Hospital Indemnity Hospital Indemnity Insurance Aflac U.S. offers hospital indemnity coverage on both an individual and group basis. Hospital indemnity products provide policyholders fixed dollar benefits triggered by hospitalization due to accident or sickness.”

Annual report 2025A · The company itself

“Dental and Vision Dental and Vision Insurance Aflac U.S. offers network dental and vision products on a group basis, as well as fixed-benefit dental coverage on an individual basis.”

Annual report 2025A · The company itself

“Life Life Insurance Aflac U.S. offers term- and whole-life policies on both an individual and group basis.”

Annual report 2025A · The company itself

“Business The Company's insurance business consists of two reporting segments: Aflac Japan and Aflac U.S.”

Annual report 2025A · The company itself

“Once operational, the center is expected to produce approximately 150,000 metric tons of plastic waste feedstock annually for customers using mechanical and advanced recycling technologies. Strategically located in the Dallas-Fort Worth area of Texas, this center is anticipated to commence operations in 2026.”

Annual report 2024A · The company itself

“Global trade tariffs Implementation of trade tariffs on US export in Asia and Europe and import of raw material, negatively affecting our margins Monitor current situation.”

Annual report 2024A · The company itself

“In particular, we saw strong performance in key growth regions, including North America and select Asian markets, which played a vital role in driving overall segment performance.”

Annual report 2024A · The company itself

“We lease warehouses and office space at our headquarters in Oslo and our sales offices in the United States, Latin America, Australia, and Asia.”

Annual report 2024A · The company itself

“Human Health Ingredients The Human Health Ingredients segment delivered strong growth with revenues of USD 98.0 million, up 17% year-over-year, driven by increasing demand across multiple regions, particularly China, Europe, and the United States.”

Annual report 2024A · The company itself

“The most significant environmental impacts stem from energy consumption and emissions linked to manufacturing krill products and transporting them to customers across the US, Europe, and Asia.”

Annual report 2024A · The company itself

“The company’s krill oil production and innovation hub is located in Houston, USA, supporting high-quality manufacturing and research capabilities.”

Annual report 2024A · The company itself

“Fabriken innebär en investering på omkring 7 miljarder kronor och kommer att fokusera på produktion av tunga lastbilar för Volvo och Mack.”

Annual report 2024A · The company itself

“Vi fortsätter också att utveckla vår närvaro i Nordamerika och har beslutat att utöka kapaciteten där genom att bygga en ny fabrik för hytter och slutmontering för Volvo Lastvagnar och Mack Trucks i Mexiko. Vi planerar att ha anläggningen igång 2026, och den kommer att vara ett starkt komplement till våra huvudanläggningar i Virginia och Pennsylvania i USA.”

Annual report 2024A · The company itself

“Starka positioner på nyckelmarknader Under 2024 var efterfrågan på lastbilar lägre i både Europa och Nordamerika jämfört med de starka marknaderna 2023 medan den var god i Sydamerika.”

Annual report 2024A · The company itself

“Efterfrågan på bussar fortsatte att förbättras på många marknader, särskilt för turistbussar i Nord- och Sydamerika. Den valutajusterade nettoomsättningen ökade med 10% till 24,5 miljarder kronor.”

Annual report 2024A · The company itself

“Volvo Autonomous Solutions och DHL Supply Chain tog också ett betydande steg mot att förändra godstransporterna med lanseringen av autonom körning i Texas i USA. Verksamheten möjliggörs av en specialbyggd, produktionsklar Volvo VNL Autonomous som drivs av Aurora Driver.”

Annual report 2024A · The company itself

“Volvo Lastvagnar lanserade nya lastbilar globalt I januari presenterade Volvo Lastvagnar en helt ny plattform för tunga lastbilar för den nordamerikanska marknaden parallellt med en ny serie tunga lastbilar för Europa, Australien och marknader i Asien och Afrika.”

Annual report 2024A · The company itself

“Ny lastbilsfabrik i Mexiko Tillväxt i Nordamerika är en strategisk prioritering, och i augusti meddelade koncernen att man kommer att bygga sin nya fabrik för tunga lastbilar i Mexiko i Monterrey. Fabriken kommer att komplettera koncernens tillverkning i USA och bidra med ytterligare kapacitet för att stödja tillväxtplanerna för både Volvo Lastvagnar och Mack Trucks på de amerikanska och kanadensiska marknaderna samt Macks försäljning i Mexiko och Latinamerika.”

Annual report 2024A · The company itself

“Lastbilsverksamhetens nettoomsättning minskade med 2% justerat för valuta, drivet av lägre leveranser på både nya och begagnade lastbilar medan serviceförsäljningen ökade med 3%. För Anläggningsmaskiner minskade den valutajusterade nettoomsättningen med 15%, påverkad av lägre volymer i Europa och Nordamerika, medan volymerna ökade i Kina.”

Annual report 2024A · The company itself

“I augusti meddelade Volvokoncernen att man kommer att bygga sin nya fabrik för tunga lastbilar i Mexiko i Monterrey. Fabriken kommer att komplettera koncernens tillverkning i USA och bidra med ytterligare kapacitet för att stödja tillväxtplanerna för både Volvo Lastvagnar och Mack Trucks i USA och Kanada samt Mack Trucks försäljning i Mexiko och Latinamerika.”

Annual report 2024A · The company itself

“VOLVOKONCERNEN 2024 FÖRVALTNINGSBERÄTTELSE Lastbilar God lönsamhet på lägre volymer Under 2024 minskade den valutajusterade nettoomsättningen i lastbilsverksamheten med 2% till 360.610 Mkr till följd av lägre leveranser.”

Annual report 2024A · The company itself

“The State of California enacted the California Consumer Privacy Act of 2018 (CCPA), which went into effect as of January 1, 2020, and imposes significant privacy obligations on businesses handling data related to California residents.”

Annual report 2025A · The company itself

“Global automotive vehicle production increased 4% from 2024 to 2025 (1% on an Aptiv weighted market basis, which represents global vehicle production weighted to the geographic regions in which the Company generates its revenue), reflecting increased vehicle production of 10% in China and 1% in South America, our smallest region, partially offset by declines of 2% in North America and 1% in Europe.”

Annual report 2025A · The company itself

“In addition, in 2025 our products were found in 18 of the 20 top-selling vehicle models in the United States (“U.S.”), 17 of the 20 top-selling vehicle models in Europe and 20 of the 20 top-selling vehicle models in China.”

Annual report 2025A · The company itself

“We are a global company serving every major worldwide market. As of December 31, 2025 our workforce is distributed as follows: •50% in North America, with our largest presence in Mexico; •30% in the Europe, Middle East and Africa region, with our largest presence in Morocco and Serbia; •15% in the Asia Pacific region, with our largest presence in China and India; and •5% in South America, with our largest presence in Brazil.”

Annual report 2025A · The company itself

“For the year ended December 31, 2025, approximately 64% of our net revenue came from sales outside the U.S.”

Annual report 2025A · The company itself

“Furthermore, FDA in the United States, the European Medicines Agency in the Europe Union, the Medicines & Healthcare products Regulatory Agency in the United Kingdom, Health Canada in Canada, the China Food and Drug Administration in China, and other government agencies, inside and outside of the United States, administer requirements covering the testing, safety, effectiveness, manufacturing, labeling, promotion and advertising, pricing, distribution, and post-market surveillance of our products.”

Annual report 2025A · The company itself

“Our global footprint and the critical nature of our products and services, which are sold in over 100 countries as of December 31, 2025, play a key role in expanding access to healthcare in emerging and developed countries.”

Annual report 2025A · The company itself

“Financial Results Our global net sales totaled $11.24 billion in 2025, an increase of 6% over 2024 on a reported basis and 3% on an operational sales basis. International sales totaled $5.12 billion in 2025, an increase of 7% compared to 2024 on a reported basis and 5% on an operational sales basis. Sales in the United States totaled $6.12 billion in 2025, an increase of 5% compared to 2024 on a reported basis and 1% on an operational basis.”

Annual report 2025A · The company itself

“In the U.S., the Center for Medicaid Services (“CMS”) has proposed the expansion of its Competitive Bidding Program (“CBP”). This proposed expansion would introduce a pricing model that could significantly influence the cost structure of some medical devices in the U.S. healthcare system; specifically, those reimbursed under CMS’ Durable Medical Equipment, Prosthetic, Orthotic and Supplies payment system.”

Annual report 2025A · The company itself

“A substantial amount of our sales come from our operations outside the U.S., and we intend to continue to pursue growth opportunities in new and existing foreign markets.”

Annual report 2025A · The company itself

“In 2025, 35% of our revenues were earned pursuant to U.S. government contracts, which include FMS.”

Annual report 2025A · The company itself

“In 2025, non-U.S. customers, which include Foreign Military Sales through the U.S. government (FMS), accounted for 46% of our total revenues and 60% of Commercial Airplanes revenue from customer contracts.”

Annual report 2025A · The company itself

“USA spelade en central roll i att driva på tillväxten, med stöd av robust arbetsmarknad och högre konsumtion.”

Annual report 2024A · The company itself

“Leverage our competitive strengths to capitalize on housing market share. We intend to leverage our core business strengths including local market presence, national footprint, unmatched scale in manufacturing capability, breadth of product portfolio, and end market exposure to expand our sales and profit margins.”

Annual report 2025A · The company itself

“The Company operates approximately 585 locations in 43 states across the United States (“U.S.”), which are internally organized into geographic operating divisions.”

Annual report 2025A · The company itself

“Over the past year, the sector has experienced continued negative sentiment and political headwinds in the United States.”

Annual report 2025A · The company itself

“For example, the market for offshore wind energy has recently experienced certain challenges in various jurisdictions including the United States, Denmark, the Netherlands as well as other markets, including delays in relevant supply chains, cancellation of contracts and failed government auction rounds, which could adversely affect the number of offshore wind farm projects to be developed in these markets in the future.”

Annual report 2025A · The company itself

“Examples of such include, the United States through the Merchant Marine Act of 1920 (also known as the Jones Act), as well as in many other jurisdictions.”

Annual report 2025A · The company itself

“The Baltic Sea region saw steady progress, the Asia-Pacific pipeline continued to mature, and Cadeler had two vessels operating in the United States during the year.”

Annual report 2025A · The company itself

“At the state level, we are subject to laws and regulations like the California Consumer Privacy Act (CCPA) and the California Privacy Rights Act (CPRA). The CCPA and CPRA create transparency requirements for companies, grant California residents various rights with regard to their personal information, and impose additional data protection obligations on companies doing business in California.”

Annual report 2025A · The company itself

“We currently provide discovery and safety assessment services at multiple facilities located in the United States (U.S.), Canada, and Europe.”

Annual report 2025A · The company itself

“We have a global footprint with production facilities strategically located in 7 countries, in close proximity to major biohubs and client concentrations.”

Annual report 2025A · The company itself

“We sell our products and services principally through our direct sales and business development teams who work in North America, Europe and Asia.”

Annual report 2025A · The company itself

“A significant part of our revenue is derived from operations outside the U.S. We expect that international revenue will continue to account for a significant percentage of our total revenue for the foreseeable future.”

Annual report 2025A · The company itself

“Other risks associated with our international business include: •general economic and political conditions in the markets in which we operate; •potentially negative consequences from changes in U.S. and/or foreign laws, including changes that may bar us from engaging in business transactions with certain clients, and changes in tax laws, or interpretations and enforcement thereof, notably tax regulations issued and to-be-issued with respect to the potential adoption of global minimum taxation requirements and potential changes to existing tax law by the current U.S.”

Annual report 2025A · The company itself

“ChemoMetec vil også fortsat investere i udviklingen af den amerikanske organisation”

Annual report 2025B · From the report

“Omsætning USA/Canada 59% (2023/24: 59%)”

Annual report 2025B · From the report

“Derfor vil ChemoMetec også fortsat investere i udviklingen af den amerikanske organisation.”

Annual report 2025A · The company itself

“For at styrke grundlaget for den fremtidige vækst og lanceringen af de nye produkter blev der – primært i andet halvår 2024/25 – foretaget en tilpasning af organisationen i både Danmark og internationalt. Tilpasningen har særligt omfattet en række ændringer i salgsorganisationen og en effektivisering af de administrative funktioner.”

Annual report 2025A · The company itself

“Ledelsens beretningꢀ|ꢀChemoMetec kort fortalt Årsrapport 2024/25ꢀ|ꢀChemoMetec 7 International tilstedeværelse Vores hovedkontor er i Danmark, i Allerød nord for København, og vi har tre kontorer i USA, et i Belgien samt egen salgs-og supportorganisation i Frankrig, Benelux-landene, Storbritannien, Tyskland og Asien.”

Annual report 2025A · The company itself

“Kontor ꢀ ꢀ ꢀ Salgs- og supportorganisation Distributør Omsætning USA/Canada Omsætning Europa Omsætning Øvrige lande (ROW) 59% 32% 9% (2023/24: 59%) (2023/24: 32%) (2023/24: 9%) Ledelsens beretningꢀ|ꢀHovedpunkter 2024/25 Årsrapport 2024/25ꢀ|ꢀChemoMetec 8 Hovedpunkter 2024/25 Geografisk fordeling af omsætning Omsætning EBITDA EBITDA-margin Nettoresultat pr. aktie DKK mio. DKK mio.”

Annual report 2025A · The company itself

“Salg og distribution af vores produkter sker via egne salgsorganisationer i USA og Europa, mens der samarbejdes med distributører på blandt andet det asiatiske marked.”

Annual report 2025A · The company itself

“Det er primært omsætningen på det nordamerikanske marked, som har drevet udviklingen med en stigning i salget af instrumenter på 44%. Den fortsatte lancering af de nye instrumenter på XcytoMatic-platformen er forløbet tilfredsstillende i det forløbne år. Der er stor interesse blandt både eksisterende og nye kunder for at automatisere produktionen af behandlinger, og ChemoMetec arbejder målrettet på at opnå en væsentlig position på dette marked.”

Annual report 2025A · The company itself

“Omsætningen på det nordamerikanske marked steg i 2024/25 med 22% til DKK 292,8 mio. efter et fald året før på 9%. Omsætningen i USA/Canada udgjorde som året før 59% af den samlede omsætning. med 13% fra DKK 114,5 mio. til DKK 129,5 mio. Inden for serviceforretningen (serviceaftaler, installationer, flytninger mv.) steg omsætningen med 21% fra DKK 66,3 mio. til DKK 80,3 mio. Omsætning fordelt på produktgrupper DKK mio. Stigningen i omsætningen afspejler et stigende antal forsøg inden for celle- og genterapi, hvor ChemoMetec har etableret en stærk markedsposition.”

Annual report 2025A · The company itself

“ChemoMetec har uændret det amerikanske hovedkontor på Long Island, New York, salgskontorer i San Diego, Californien, og Boston, Massachusetts. Dette strategiske netværk sikrer en bred rækkevidde og tæt kundekontakt på tværs af vigtige regioner, og det bliver afgørende for den gradvise lancering af de nye produkter. På den længere bane vurderes der fortsat at være gunstige vækstmuligheder på det nordamerikanske marked, både inden for celle- og genterapi og bioprocessing, og automatiseringen forventes at understøtte væksten.”

Annual report 2025A · The company itself

“Stigningen er på tværs af instrumenter, hvor NC-200 og NC-202 fortsat bidrager med den største omsætning, efterfulgt af instrumenter på XcytoMatic-platformen. Det forventes, at det både vil blive de nye produkter på XcytoMatic-platformen og eksisterende produkter og services, der kommer til at drive væksten på det nordamerikanske marked i de kommende år.”

Annual report 2025A · The company itself

“ChemoMetecs omsætning fordeler sig med 59% i USA/ Canada, 32% i Europa og 9% i resten af verden, hvilket er uændret i forhold til regnskabsåret 2023/24.”

Annual report 2025A · The company itself

“Pengestrømme fra driften (DKK) På det nordamerikanske marked, som er ChemoMetecs største marked, steg omsætningen i 2024/25 med 22% målt i såvel danske kroner som i faste valutakurser.”

Annual report 2025A · The company itself

“For example, the company operates in jurisdictions with developing or existing programs, such as the Renewable Fuel Standard program in the U.S., California’s Cap-and-Trade Program and Low Carbon Fuel Standard, and mandates such as the California Air Resources Board Advanced Clean Cars II regulations, as well as other indirect regulation of GHG emissions, which may, among other things, ban or restrict technologies or products that use the company’s products.”

Annual report 2025A · The company itself

“Transportation Pipelines Chevron owns and operates a network of crude oil, natural gas and product pipelines and other infrastructure assets in the United States. In 2025, Chevron acquired further pipeline infrastructure through its acquisition of Hess.”

Annual report 2025A · The company itself

“Texas/New Mexico As one of the largest producers in the Permian Basin, Chevron continues to develop its advantaged portfolio of more than 1,750,000 net acres in the Delaware and Midland basins in West Texas and Southeast New Mexico. In 2025, production reached one million barrels of net oil-equivalent per day.”

Annual report 2025A · The company itself

“North Dakota Chevron holds approximately 469,000 net acres in the Bakken shale play, located in the Williston Basin of North Dakota following its acquisition of Hess.”

Annual report 2025A · The company itself

“Gulf of America Chevron is the largest acreage holder in the Gulf of America, following its acquisition of Hess. During 2025, Chevron’s net daily production in the Gulf of America averaged 235,000 barrels of crude oil, 19,000 barrels of NGLs and 150 million cubic feet of natural gas.”

Annual report 2025A · The company itself

“In the United States, the company continued work on projects aimed at improving refinery flexibility and reliability.”

Annual report 2025A · The company itself

“In July 2025, the United States enacted the Guiding and Establishing National Innovation for U.S. Stablecoins Act (the “GENIUS Act”), which establishes a federal regulatory framework for “payment stablecoins” and their issuers and custodians. As a distributor and ecosystem partner of stablecoins, Coinbase may directly and indirectly be subject to these requirements.”

Annual report 2025A · The company itself

“The SEC has also brought enforcement actions and entered into settlements with numerous industry participants alleging that certain digital assets are securities. In 2025, the SEC dismissed many of those enforcement actions.”

Annual report 2025A · The company itself

“In January 2025, the SEC launched a crypto task force dedicated to developing a comprehensive and clear regulatory framework for crypto assets. While newly formed, its goal is to clarify federal securities laws for crypto, recommend practical policies, foster innovation, and protect investors. Furthermore, on November 12, 2025, SEC Chairman Atkins delivered an address at the Federal Reserve Bank of Philadelphia, in which he highlighted the view that most crypto assets are not securities, and that the SEC would coordinate with the CFTC on a token taxonomy that includes “digital commodities.””

Annual report 2025A · The company itself

“The competitive landscape varies significantly by geography, and many offerings are global in nature. The traditional financial services and financial technology companies we compete against are largely U.S.- and European-based and operate under the same evolving regulatory landscape that we do. However, we also face competition from companies, in particular those located outside the United States, who are subject to significantly less stringent regulatory and compliance requirements in their local jurisdictions.”

Annual report 2025A · The company itself

“7.8 bn Reported revenue in DKK ... +8% Organic growth”

Annual report 2025B · From the report

“In 2026/27, we expect to enter a fourth segment - the overactive bladder (OAB) segment - with the launch of Intibia™, our implantable tibial nerve stimulator, an Investigational device currently under development with premarket approval submission to the FDA expected in 2025/26. Our anticipated entry into the overactive bladder market will significantly increase the addressable market. The market for third-line therapies for overactive bladder is estimated at around USD 1 billion, with high single-digit growth.”

Annual report 2025A · The company itself

“Across all markets, we partner with healthcare professionals, key opinion leaders, patient associations, and payers to define standards, secure reimbursement, and ensure access to high-quality solutions.In our largest markets - the UK, US, France, and Germany - we complement this with direct-to-user engagement.”

Annual report 2025A · The company itself

“The US represents our largest growth opportunity, with a market share of 15–20% versus 35–40% globally. We aim to win across the patient pathway in the US through stronger commercial execution, improved access in acute and post-acute accounts, and targeted innovation, including SenSura Mio two-piece click coupling and SenSura Mio in black.”

Annual report 2025A · The company itself

“Today, Bowel Care represents less than 5% of our Chronic Care sales in the US, although we hold nearly 100% market share in this segment.”

Annual report 2025A · The company itself

“From a geographical perspective, growth was broadbased, driven by Europe and the US.”

Annual report 2025A · The company itself

“Today, Coloplast is present in the advanced dressings market in Europe and Emerging Markets, while our presence in the US dressings market is limited.”

Annual report 2025A · The company itself

“The biologics tissue segment consists of tissue-derived products, which are used to mimic the form and function of human tissue and thus support wound closure and tissue repair. The biologics segment is US-centric, with good availability of reimbursement and a solid level of clinical acceptance in the US.”

Annual report 2025A · The company itself

“From a geographical perspective, the strategy is focused on building US market share for the combined portfolio, with North America expected to account for around 60% of total revenues by the end of the strategy period. Within Biologics, around 70% of the US sales are to hospitals, while remaining around 30% are to outpatient clinics.”

Annual report 2025A · The company itself

“From a geographical perspective, Kerecis continues to be almost exclusively a US business.”

Annual report 2025A · The company itself

“The Men’s Health business in the US delivered a strong year and was the main contributor to growth. Our flagship product within Men’s Health, the Titan® penile implant, continued to perform well, with the patient funnel positively impacted by our patient support programme targeted at prospective patients.”

Annual report 2025A · The company itself

“The product was launched in May 2024, and is already available in several European countries, Australia and the United States.”

Annual report 2025A · The company itself

“In December 2023, we announced Willow FID. The project will consist of three drill sites, an operations center and camp, and a processing facility. In 2025, the project completed the peak construction season, which included gravel and pipeline construction and operations center hookup and installation, and is expected to achieve near 50 percent project completion this winter season.”

Annual report 2025A · The company itself

“At December 31, 2025, our operations were producing in the U.S., Norway, Canada, Australia, Malaysia, Libya, China, Qatar and Equatorial Guinea.”

Annual report 2025A · The company itself

“The tankers deliver oil from Valdez, Alaska, primarily to refineries on the west coast of the U.S.”

Annual report 2025A · The company itself

“We are the largest crude oil producer in Alaska and have major ownership interests in the Prudhoe Bay, Kuparuk and Western North Slope asset areas.”

Annual report 2025A · The company itself

“During 2025, the Lower 48 contributed 67 percent of our consolidated liquids production and 74 percent of our consolidated natural gas production.”

Annual report 2025A · The company itself

“ConocoPhillips 2025 10-K Results of Operations Table of Contents Europe, Middle East and North Africa 2025 2024 2023 Select financial data by segment before-tax ($MM) Sales and other operating revenues ($MM) $ 6,484 5,788 5,854 Production and operating expenses ($MM) 962 671 593 Depreciation, depletion and amortization ($MM) 912 761 587 Taxes other than income taxes ($MM) 46 41 39 Net income (loss) ($MM) $ 1,224 1,189 1,189 Consolidated Operations Total Production (MBOED) Natural gas ($ per MCF) 10.87 10.70 12.68 The Europe, Middle East and North Africa segment consists of operations principally located in the Norwegian sector of the North Sea, the Norwegian Sea, Qatar, Libya, Equatorial Guinea and commercial and terminalling operations in the U.K. In 2025, our Europe, Middle East and North Africa operations contributed eight percent of our consolidated liquids production and 18 percent of our consolidated natural gas production.”

Annual report 2025A · The company itself

“Table of Contents Operating and Growth Strategy Our growth strategy is to increase revenues and profitability by, among other things, (i) acquiring and developing additional vehicle storage facilities in key markets, including foreign markets; (ii) pursuing global, national, and regional vehicle seller agreements; (iii) increasing our service offerings; and (iv) expanding the application of VB3 into new markets.”

Annual report 2025A · The company itself

“In the U.K., Germany, and Spain we operate both as an agent and on a principal basis, in some cases purchasing salvage vehicles outright and reselling the vehicles for our own account.”

Annual report 2025A · The company itself

“Our expansion into markets outside the U.S., including expansions in the U.K., Canada, Europe, Brazil, and the Middle East expose us to risks arising from operating in international markets.”

Annual report 2025A · The company itself

“Risks related to our international operations • We are expanding our operations outside of the United States, which may subject us to increased business, regulatory, and economic risks that could harm our business.”

Annual report 2025A · The company itself

“Our current or future geographic expansion plans may not result in increased revenue, which may negatively impact our business, results of operations, and financial position. Expanding into new markets and increasing the depth of our coverage in existing markets imposes additional burdens on our research, systems development, sales, marketing, and general managerial resources. If we are unable to manage our expansion efforts effectively, if our expansion efforts take longer or are more expensive than planned, or we are not successful in marketing and selling our services in existing or new markets, our expansion may have a material adverse effect on our financial position by increasing our expenses without increasing our revenue.”

Annual report 2025A · The company itself

“We own and operate leading online marketplaces for real estate in the U.S., Australia, Europe, Canada, and Asia-Pacific based on the numbers of unique visitors and site visits per month.”

Annual report 2025A · The company itself

“We also operate certain research, development, and sales functions out of additional leased office spaces in Irvine, California; San Diego, California; and Atlanta, Georgia. Additionally, we lease office space in a variety of other metropolitan areas.”

Annual report 2025A · The company itself

“Properties On January 21, 2025, we relocated our headquarters to our owned building at 1201 Wilson Blvd., in Arlington, Virginia, occupying approximately 198,000 square feet. We exited our previous headquarters located at 1331 L Street, NW, in downtown Washington, D.C., with a lease that expired on May 31, 2025.”

Annual report 2025A · The company itself

“Recent and Planned Restaurant Growth During fiscal 2026, we added 43 net new restaurants in the United States.”

Annual report 2026A · The company itself

“Segment Information We manage our restaurant brands in North America as operating segments. The brands operate principally in the U.S. within full-service dining.”

Annual report 2026A · The company itself

“For example, the California Consumer Privacy Act, or CCPA, grants California residents the right to opt-out of a company’s sharing of personal information for cross-context behavioral advertising purposes.”

Annual report 2025A · The company itself

“Domestic laws in this area are also complex and developing rapidly, and we are, or may become, subject to numerous U.S. data privacy and security laws. In the United States, laws governing data privacy and security include those promulgated under the authority of the Federal Trade Commission Act, the Electronic Communications Privacy Act, the Computer Fraud and Abuse Act, the CCPA, HIPAA, and numerous other state and federal laws relating to privacy and data security.”

Annual report 2025A · The company itself

“The CCPA, which became effective on January 1, 2020, gives California residents (including consumers, employees, job applicants and business representatives) expanded rights to access and delete their personal information, opt out of the sale of personal information, and receive detailed information about how their personal information is used. The CCPA provides a private right of action and statutory damages for certain data breaches and may increase our compliance costs and potential liability with respect to other personal information we collect about California residents.”

Annual report 2025A · The company itself

“Revenue, as determined based on the billing address of our customers, from regions outside of North America was 29% for the year ended December 31, 2025.”

Annual report 2025A · The company itself

“Beyond North America, we now have sales presence internationally, including in Amsterdam, Dublin, London, Paris, Seoul, Singapore, Sydney, and Tokyo.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“Manufacturing We primarily manufacture our products at our manufacturing facilities in Mesa, Arizona and Penang, Malaysia.”

Annual report 2025A · The company itself

“We also make investments in existing or new businesses, 58 including investments in the international expansion of our sales efforts and the build-out of our manufacturing facility in Malaysia and the construction of a new facility in Ireland.”

Annual report 2025A · The company itself

“In jurisdictions where DTC marketing is permitted, we currently focus on reaching people with Type 1 and people with Type 2 diabetes who use insulin.”

Annual report 2025A · The company itself

“Because of the time required to approve, lease, and build out a manufacturing facility, an alternate facility and/or a third-party may not be available on a timely basis to replace production capacity in the event manufacturing capacity is lost. Additionally, the majority of our manufacturing operations are conducted at facilities located in Mesa, Arizona, and Malaysia and limited manufacturing operations in San Diego, California.”

Annual report 2025A · The company itself

“We believe we have substantial long-term growth potential in the U.S., and we have identified significant opportunities to add new Dollar General stores in both existing and new markets. In addition, we have opportunities to relocate, remodel or convert locations within our existing store base to better serve our customers.”

Annual report 2026A · The company itself

“BUSINESS ​ General ​ We are the largest discount retailer in the United States by number of stores, with 20,959 stores located in 48 U.S. states and Mexico as of February 27, 2026, with the greatest concentration of stores in the southern, southwestern, midwestern and eastern United States.”

Annual report 2026A · The company itself

“Our stores currently average approximately 7,500 square feet of selling space, and approximately 80% of our stores are located in towns of 20,000 or fewer people.”

Annual report 2026A · The company itself

“PROPERTIES ​ As of February 27, 2026, we operated 20,959 retail stores, including those located in 48 U.S. states as listed in the table below and 17 stores in Mexico.”

Annual report 2026A · The company itself

“Tre förmodade grupptalan-krav har lämnats in mot Igloo Products Corp. i amerikanska federala domstolar avseende Igloos 90 QT rullkylboxar. Dessa stämningsansökningar följde på Igloos nyligen tillkännagivna (13 februari 2025) återkallelse av cirka 1 miljon 90 QT-coolers.”

Annual report 2024A · The company itself

“I undersegmentet Other Global Verticals var den organiska nettoomsätt - ningen stabil inom affärsområdet Hospitality, medan den minskade inom affärsområdet Residential på grund av lägre efterfrågan på grillar i USA.”

Annual report 2024A · The company itself

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

Annual report 2024A · The company itself

“Även större båtar som yachter omfattas. • Service & Aftermarket-produkter för båtbranschen globalt. • Mer än 75 procent av segmentets nettoomsättning ägde rum i Nordamerika.”

Annual report 2024A · The company itself

“Produkterna säljs via återförsäljare eller genom e-handel (direkt till konsument, DTC). • Mer än 80 procent av segmentets nettoomsättning ägde rum i Nordamerika.”

Annual report 2024A · The company itself

“Segmentet LV Americas redovisade en nettoomsättning på 3533 Mkr (4206). Den totala tillväxten uppgick till −16 procent, varav −16 procent utgjordes av organisk tillväxt, 0 procent av valutaeffekter och 0 procent av M&A.”

Annual report 2024A · The company itself

“In the U.S., numerous states have adopted generally applicable and comprehensive consumer privacy laws and we expect this trend to continue. These state laws provide privacy rights for residents of these states and impose corresponding obligations on organizations doing business in these states. These laws require us to make 26 Table of Contents disclosures about our data collection, use and sharing practices, and they create user rights, such as the right to access, delete and correct personal data. As states adopt privacy laws, we face a greater variety in privacy requirements, increasing the complexity of the regulatory environment.”

Annual report 2025A · The company itself

“For example, numerous U.S. states and foreign jurisdictions, including California, have regulations regarding “auctions” and the handling of property by “secondhand dealers” or “pawnbrokers.” Several states and some foreign jurisdictions have attempted to apply these regulations to our business and our customers, and others may attempt to do so in the future. If successful, complying with these regulations may require operational changes that increase costs or reduce revenues, including prohibiting certain items or restricting listing formats in some locations.”

Annual report 2025A · The company itself

“In 2025, we generated nearly $80 billion in GMV, of which 51 percent was generated outside the United States.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“I samband med marknadsgodkännande i USA kan sponsorer som har en RPDD, och som uppfyller kraven, ansöka om en PRV, som kan användas för att få en snabbare FDA-granskning av en ansökan om marknadsgodkännande för en annan läkemedelskandidat eller säljas i den öppna marknaden. Det finns en risk att bolaget inte hinner få ett FDA godkännande förrän slutdatumet för PRV programmet 30 september 2026.”

Annual report 2024A · The company itself

“Bolaget avser att lansera Emcitate med interna resurser i Europa samt Nordamerika genom en liten och fokuserad kommersiell organisation. I övriga geografier kan produkterna komma att kommersialiseras antingen via en intern organisation eller via kommersialiseringspartners beroende på vad som bedöms ge bäst avkastning i respektive region.”

Annual report 2024A · The company itself

“Primär effektvariabel: Andel deltagare som uppfyller undsättningskriteriet (T3>ULN*) under den 30-dagar långa dubbel-blinda randomiserade behandlingsperioden * ULN: Upper Limit of Normal (övre referensgränsen för normalvärde) ** Den randomiserade behandlingsperioden upphör eſter 30 dagar eller när undsättningskriteriet (T3 >ULN) har uppnåtts, beroende på vilken som först uppnås KOMMERSIALISERING AV EMCITATE Egetis planerar att kommersialisera Emcitate själva i Europa och USA. Egetis beräknar att denna marknad kan hanteras av ett litet antal dedikerade marknadsförings- och medicinska säljspecialister, omkring 20-25 stycken, både i USA och i Europa.”

Annual report 2024A · The company itself

“Den avser behandla monokarboxylattransportör 8 (MCT8)-brist, även kallat Allan-Herndon-Dudley Syndrom (AHDS), en ovanlig sjukdom som drabbar 1 av 70 000 pojkar med betydande medicinskt behov.”

Annual report 2024A · The company itself

“Utveckla läkemedel fram till ansökan för marknadsgodkännande Egetis Therapeutics strategi är att utveckla läkemedelsprojekt i klinisk fas fram till marknadsgodkännande, med särskilt fokus på läkemedel för behandling sällsynta sjukdomar med stort ouppfyllt medicinskt behov, så kallade särläkemedel.”

Annual report 2024A · The company itself

“I USA säljs ett stort antal grävmaskiner samtidigt som andelen sålda tiltrotatorer är låg och uppskattas till cirka 2 procent. Planerade infra - struktursatsningar och underhåll tillsammans med brist på arbetskraft och krav på ökad effektivitet inom bygg - och anläggningsbranschen bedöms gynna tillväxten kommande år.”

Annual report 2024A · The company itself

“I Sverige är tiltrotatorer standard och penetrationsgraden är cirka 93 procent. I ett globalt perspektiv är marknaden för tiltrotatorer fortfarande i ett tidigt skede och penetrationsgraden bara runt 2 procent.”

Annual report 2024A · The company itself

“LaBounty, Paladin, Pengo och Dubuis. Förvärvet stärker Epirocs närvaro, särskilt i USA.”

Annual report 2024A · The company itself

“De viktigaste marknaderna finns på norra halvklotet, där USA, Västeuropa, Kina och Indien är de största. Under 2024 slutförde Epiroc ett stort förvärv i USA, Stanley Infrastructure, vilket ökade exponeringen mot infrastrukturkunderna från 17% till 22%.”

Annual report 2024A · The company itself

“Målsättning för 2025 är bland annat fortsatt kommersialisering av knäimplantaten, fortsatt framtagande av kliniska bevis under denna kommersialisering, samt utförande av ytterligare operationer med Episealer® Talus och Episealer® Patellofemoral System. Bolaget kommer också efter godkännande från FDA, lansera sin andra produkt på den amerikanska marknaden, implantat för den så kallade 1:a MTP-leden i stortån under första halvåret 2025.”

Annual report 2024A · The company itself

“Episurf Medical utvecklar för stunden ett implantat för MTP-leden i stortån. Tanken är att utveckla ett implantat baserat på Episurfs individanpassade implantatsteknologi, vilket adresserar artros i stortån (hallux rigidus).”

Annual report 2024A · The company itself

“Episurf Medical utvecklar för närvarande ett implantat för MTP-leden i stortån, som bygger på Episurfs individanpassade implantatsteknologi, vilket adresserar artros i stortån (hallux rigidus). Implantatet är initialt ämnat för USA-marknaden, där Episurf har inlett dialogen med FDA och skickat in en 510(k)-ansökan om marknadsgodkännande.”

Annual report 2024A · The company itself

“Enbart i USA görs årligen cirka 3,7 miljoner knäartroskopier.”

Annual report 2024A · The company itself

“Från att genomfört vår första försäljning i USA i slutet av 2023, etablerade vi oss på allvar med ett omfattande distributörsnätverk i stora delar av landet under 2024. Vi arbetade hårt för att slutföra 510(k)-processen avseende vårt stortåimplantat, och vi har genomfört en betydande kostnadsreducering efter att ha omstrukturerat stora delar av vår säljorganisation.”

Annual report 2024A · The company itself

“Sammanfattat tar vi stora steg från forskning och utveckling in i kommersiell fas, och nedan redogör jag för de viktigaste aktiviteterna framöver. • I USA ser vi fortsatt stort intresse för vårt knäimplantat Episealer Patellofemoral® System. Ett kvitto på detta är att vi nyligen sett den första försäljningen via Johnson & Johnson-kopplade distributörer.”

Annual report 2024A · The company itself

“I USA möter vi en betydligt bättre prisbild än i våra övriga marknader, och vi ser nu en allt större aktivitet i vårt distributörsnätverk. I USA uppvisade vi en ökning i orderingången om 93% under 2024, givetvis från väldigt låga nivåer.”

Annual report 2024A · The company itself

“Över tid väntar sig bolaget att USA kommer vara den enskilt viktigaste marknaden.”

Annual report 2024A · The company itself

“Första helåret i kommersiell fas i USA Sent 2022 erhöll Episurf Meidcal marknadsgodkännande av FDA genom en så kallad 510(k)-inskickning för Episealer® Patellofemoral System. Denna produkt är nu lanserad på den amerikanska marknaden och Episurfs första kommersiella operation genomfördes under hösten 2023.”

Annual report 2024A · The company itself

“Under 2024 har Bolaget avsevärt ökat storleken på sitt amerikanska distributörsnätverk. Vid årets slut uppgick antalet kontrakterade distributörer till 26, och dessa organisationer representeras totalt av ca 450 säljare. Episurf Medical drar nu nytta av att någon form av representation i 30 av USAs 50 delstater och man har närvaro i alla de tio största.”

Annual report 2024A · The company itself

“Episurfs implantat för behandling av artros i stortån (MTP-leden) förväntas bli Bolagets nästa produkt att lanseras på den amerikanska marknaden. Bolaget har dialog med FDA och skickade in en 510(k)-ansökan under hösten 2023, för vilken en granskningsprocess pågår.”

Annual report 2024A · The company itself

“Bokført produksjon gikk ned som følge av lavere produksjonseffektivitet og flere orkaner utenfor kysten av USA. I tillegg var produksjonskutt og lavere aktivitet ved de landbaserte anleggene i Appalachian-området viktige årsaker til nedgangen i inntekter i 2024, sammenlignet med 2023.”

Annual report 2024A · The company itself

“Våre ansatte globalt er delt inn i følgende geografiske områder: Antall ansatte per land Land Enhet 2024 Brasil 1.034 Norge 21.426 UK USA Andre land 1 1.101 25.155 1) Inkluderer Algerie, Angola, Argentina, Australia, Belgia, Canada, Kina, Danmark, Tyskland, India, Japan, Libya, Nederland, Nigeria, Polen, Russland, Singapore, Sør-Korea, Tanzania Equinors verdikjede Verdikjeden vår starter med utvinningen av råmaterialer til energien er levert til markedet.”

Annual report 2024A · The company itself

“Vi har også bygget opp en diversifisert portefølje ved å kjøpe opp lokale utviklingsselskaper i utvalgte kraftmarkeder i Nord-Europa, Brasil og USA. Dette omfatter vind- og solparker på land og anlegg for batterilagring.”

Annual report 2024A · The company itself

“I løpet av de senere årene har vi bygget opp en portefølje av havvindprosjekter med lav kostnadsprofil, og vi har posisjonert oss som et ledende prosjektutviklingsselskap i utvalgte markeder i Europa og USA. Dette gir oss mulighet til å satse på de mest attraktive prosjektene og gir strategisk fleksibilitet.”

Annual report 2024A · The company itself

“I tillegg jobber vi med CCSprosjekter i Norge, Storbritannia, Danmark og USA.”

Annual report 2024A · The company itself

“Välpositionerat för fortsatt lönsam tillväxt med strategin att växa inom de produktsegment med högst avkastning och snabbast växande försäljningskanalerna samt att öka närvaron i Nordamerika och Latinamerika.”

Annual report 2024A · The company itself

“Vi strävar efter ökad närvaro i Nordamerika, Latinamerika och Ostasien samtidigt som vi vill stärka och växa vår europeiska närvaro.”

Annual report 2024A · The company itself

“IAC per affärsområde Health & Medical, 25% Consumer Goods, 44% Professional Hygiene, 31% Nettoomsättning per kategori Incontinence Products Health Care, 12% Medical Solutions, 8% Incontinence Products Retail, 8% Feminine Care, 9% Baby Care, 5% Consumer Tissue, 32% Professional Hygiene, 26% USA, 14% Tyskland, 12% Storbritannien, 8% Mexiko, 8% Frankrike, 8% Spanien, 6% Koncernens tio största marknader, % av nettoomsättningen Nederländerna, 4% Colombia, 3% Italien, 3% Kanada , 3% Övriga , 31% Tillväxtmarknaderna utgjorde 26 % av nettoomsättningen.”

Annual report 2024A · The company itself

“Nordamerika Essitys hygien- och hälsomarknad i Nordamerika uppgår till cirka 200 miljarder SEK, med en förväntad tillväxt om cirka 2–3 % mellan 2024 och 2030.”

Annual report 2024A · The company itself

“Koncernen har även försäljning i huvudsakligen Nordamerika och Latinamerika.”

Annual report 2024A · The company itself

“Under 2022 förvärvade Essity det amerikanska bolaget Legacy Converting, Inc. för att utöka utbudet av lösningar inom Wiping & Cleaning och ytterligare stärka närvaron på den nordamerikanska marknaden.”

Annual report 2024A · The company itself

“Customs brokerage and other services: Customs brokerage and other services revenues and expenses increased 13% and 14%, respectively, in 2025 as compared with 2024, primarily due to double-digit growth rates in customs clearances, import services, road freight and warehousing and distribution from higher shipment volumes, principally from shipments into North America and Europe.”

Annual report 2025A · The company itself

“Partner channel revenue in North America was weak due to US dollar fluctuations.”

Annual report 2025A · The company itself

“Progress in North America was weak partly due to lower price levels of an existing customer and modest performance of customers with legacy products.”

Annual report 2025A · The company itself

“At comparable exchange rates, revenue from Embedded Security increased by 6.7%.”

Annual report 2025A · The company itself

“Direct Channel Currency neutral revenue and reported revenue from Direct channel decreased by -4.5% and was EUR 26.8 million (EUR 28.0 million). The decline in revenue is especially due to weak performance in North America.”

Annual report 2025A · The company itself

“Similarly, the minutes of the Annual General Meeting are available on the company’s website at https://www.investors.f-secure.com/en/ investors/corporate_governance/governing_model/annual_general_meeting_2026 Outlook for 2026 Growth: F-Secure expects mid to high single-digit currency neutral revenue growth for 2026.”

Annual report 2025A · The company itself

“Furthermore, to realize our purpose of making every digital moment more secure for everyone, our go-to-market model is primarily channel-based and through Service Providers allows us to reach hundreds of millions of consumers behind these partners in our focus regions in Europe, North America and APAC/Japan.”

Annual report 2025A · The company itself

“The majority of F-Secure’s sales come from selling products and services through its extensive and global Channel Partner network, including approximately 200 Channel Partners.”

Annual report 2025A · The company itself

“If use of the FICO® Score by Fannie Mae and Freddie Mac were to cease or decline, it could have a material adverse effect on our revenues, results of operations and stock price. A significant portion of our revenues in our Scores segment is attributable to the U.S. mortgage market, which includes, for mortgages eligible for purchase by The Federal National Mortgage Association (“Fannie Mae”) and The Federal Home Loan Mortgage Corporation (“Freddie Mac”), a requirement by those enterprises that U.S. lenders provide FICO® Scores for each mortgage delivered to them.”

Annual report 2025A · The company itself

“End users of our products include three-quarters of each of the largest 100 financial institutions in the U.S. and the largest 100 banks in the world.”

Annual report 2025A · The company itself

“Our largest geographic market is the Americas, representing 87% of our total revenue during fiscal 2025.”

Annual report 2025A · The company itself

“During fiscal 2025, 23% of our revenues were derived from business outside the U.S.”

Annual report 2025A · The company itself

“The following tables provide information about disaggregated revenue by primary geographical market: Year Ended September 30, 2025 Scores Software Total Percentage (Dollars in thousands) Americas $ 1,154,470 $ 577,915 $ 1,732,385 87 % Europe, Middle East and Africa 6,984 152,819 159,803 8 % Asia Pacific Percentage (Dollars in thousands) Americas $ 905,266 $ 544,622 $ 1,449,888 84 % Europe, Middle East and Africa 5,908 163,618 169,526 10 % Asia Pacific Percentage (Dollars in thousands) Americas $ 763,874 $ 523,076 $ 1,286,950 85 % Europe, Middle East and Africa 5,802 135,562 141,364 9 % Asia Pacific 4,152 81,091 85,243 6 % Total $ 773,828 $ 739,729 $ 1,513,557 100 % The following table provides information about disaggregated revenue for on-premises and SaaS software within our Software segment by deployment method:”

Annual report 2025A · The company itself

“While we are a provider of transportation services within North America, the majority of our transactions during the periods presented in this Annual Report are denominated in U.S. dollars.”

Annual report 2026A · The company itself

“PROPERTIES FedEx Freight’s corporate headquarters are located in Memphis, Tennessee, with some administrative offices in Harrison, Arkansas.”

Annual report 2026A · The company itself

“As of June 1, 2026, FedEx Freight operated nearly 30,000 motorized vehicles and over 365 locations (of which approximately 115 are owned and approximately 250 are leased), including approximately 355 shipping terminals (over 320 of which are in the United States) and approximately 10 linehaul relay sites, which are strategically located to provide service throughout North America.”

Annual report 2026A · The company itself

“On February 26, 2025, in response to the PJM 2024 RTEP Long-Term Proposal Window #1, PJM awarded two electric transmission projects to Valley Link estimated to be approximately $3 billion, with FET’s share estimated to be approximately $1 billion.”

Annual report 2025A · The company itself

“On February 12, 2026, in response to the PJM 2025 RTEP Long-Term Proposal Window #1, PJM awarded a project to Grid Growth estimated to be approximately $1 billion, with FET’s share estimated to be approximately $448 million.”

Annual report 2025A · The company itself

“Regulated Electric Company Operating Subsidiaries The Electric Companies’ combined service areas encompass approximately 65,000 square miles in Ohio, Pennsylvania, West Virginia, Maryland, New Jersey, and New York, providing distribution services for over six million customers in an area with a population of approximately 14 million and a total rate base of approximately $21.3 billion as of December 31, 2025.”

Annual report 2025A · The company itself

“FirstEnergy's Distribution segment, which consists of the Ohio Companies and FE PA, representing $11.1 billion in rate base as of December 31, 2025, distributes electricity through FirstEnergy’s electric operating companies in Ohio and Pennsylvania. The Distribution segment serves approximately 4.3 million customers in Ohio and Pennsylvania across its distribution footprint and purchases power for its default service or standard service offer requirements.”

Annual report 2025A · The company itself

“FirstEnergy's Integrated segment includes the distribution and transmission operations of JCP&L, MP and PE, as well as MP’s regulated generation operations, representing $10.2 billion in rate base as of December 31, 2025. The Integrated segment distributes electricity to approximately 2 million customers in New Jersey, West Virginia and Maryland across its distribution footprint; provides transmission infrastructure in New Jersey, West Virginia, Maryland and Virginia to transmit electricity and operates 3,610 MWs of regulated generation capacity located primarily in West Virginia and Virginia, which includes three solar generation sites, representing 30 MWs of generation capacity.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“In addition, several U.S. states, such as California and Colorado, have proposed or enacted laws regarding automated decision‑making, deepfakes, algorithmic discrimination and so called “high‑risk” AI technologies (mandating, among other provisions, requirements for risk management, impact assessments, consumer notices and human oversight).”

Annual report 2026A · The company itself

“These innovative solutions and insights empower consumers to manage their identity, reputation and finances confidently. •Identity Protection and Reputation: In the United States, we offer Identity Theft protection as a premium membership service primarily through LifeLock, which includes monitoring of credit reports, the dark web, social media, and financial accounts to help detect potential misuse of and safeguard our customers’ personal information.”

Annual report 2026A · The company itself

“We derive a significant portion of our revenues from customers located outside of the United States, and we have substantial operations outside of the United States, including engineering, finance, sales and customer support.”

Annual report 2026A · The company itself

“As Gulfstream’s aircraft portfolio and customer base have grown and become increasingly global in reach over the years, we have invested in our facilities and operations around the world. At our Savannah campus, we added new purpose-built manufacturing facilities, increased aircraft service capacity, opened a customer-support distribution center and expanded our R&D capabilities.”

Annual report 2025A · The company itself

“Over the last two decades, NASSCO has partnered with a leading South Korean ship design and equipment procurement company, DSEC Co., Ltd, (DSEC), to design and build many large ocean-going commercial vessels including tankers and cargo ships to support U.S. Jones Act customers based on proven DSEC designs.”

Annual report 2025A · The company itself

“In addition to Navy ships, we have designed and built ocean-going Jones Act ships for commercial customers.”

Annual report 2025A · The company itself

“Gulfstream designs, develops and manufactures aircraft in Savannah, Georgia, including all large-cabin models. The midsize aircraft are assembled by a non-U.S. partner.”

Annual report 2025A · The company itself

“We supported NGA in the development of their new headquarters in St. Louis, Missouri, which opened in late 2025, and are committed to supporting the St. Louis area as a strategic hub for the geospatial intelligence community through our innovation center, community partnerships and talent pipeline programs.”

Annual report 2025A · The company itself

“Revenue by major products and services was as follows: Year Ended December 31 2025 2024 2023 IT services $ 9,057 $ 8,761 $ 8,459 C5ISR solutions 4,414 4,366 4,463 Total Technologies $ 13,471 $ 13,127 $ 12,922 CUSTOMERS In 2025, 68% of our consolidated revenue was from the U.S. government, 15% was from U.S. commercial customers, 8% was from non-U.S. government customers and the remaining 9% was from non-U.S. commercial customers.”

Annual report 2025A · The company itself

“COMMERCIAL Our U.S. commercial revenue was $7.6 billion in 2025, $6.7 billion in 2024 and $5.8 billion in 2023, which represented 15% of our consolidated revenue in 2025, and 14% in 2024 and 2023.”

Annual report 2025A · The company itself

“While the installed base of aircraft is concentrated in North America, orders from 16 customers outside North America represent a significant portion of our aircraft business with approximately 38% of the Aerospace segment’s aircraft backlog on December 31, 2025.”

Annual report 2025A · The company itself

“The backlog contains several exciting new projects such as the Wacker Holla transformation project, and Equinor’s Empire Wind project outside New York.”

Annual report 2024A · The company itself

“Revenue 13,287 DKKm Share of group revenue 56%”

Annual report 2025B · From the report

“We continued to invest in launch readiness activities, ensuring that we remain an agile company, responsive to emerging opportunities and able to further solidify our position as a leader in neuroscience innovation. Our commercial model in the U.S. is increasingly differentiated through a patient-centric and data-driven approach, driving deeper engagement, faster uptake, and stronger persistency for Vyepti ® and Rexulti ® .”

Annual report 2025A · The company itself

“In 2025, Lundbeck’s total revenue reached DKK 24,630 million, representing growth of +13% CER (+12% DKK), driven primarily by strong performance in the U.S. and Europe growing +24% CER (+20% DKK) and +17% CER (+17% DKK), respectively.”

Annual report 2025A · The company itself

“The largest markets for the strategic brands were the U.S., Spain, Canada, Italy and France.”

Annual report 2025A · The company itself

“Approximately 90% of the strategic brands growth was attributable to the strong performance of Vyepti ® and Rexulti ® in the U.S. in 2025. Vyepti ® and Rexulti ® sales in the U.S. grew +58% CER (+53% DKK) and +23% CER (+19% DKK), respectively.”

Annual report 2025A · The company itself

“In the U.S., continued strong demand growth in both agitation associated with dementia due to Alzheimer’s disease (AADAD) and major depressive disorder (MDD) drove the revenue growth. Total prescriptions (TRx) grew +24.2% year-over-year in 2025, reaching all-time high market share of 2.86% during December.”

Annual report 2025A · The company itself

“The year-over-year revenue development reflects the transfer of U.S. sales operations to Takeda, effective on 1 January 2025 as well as the Medicare Part D redesign impacts.”

Annual report 2025A · The company itself

“(eptinezumab) delivered strong growth in 2025, with revenue reaching DKK 4,476 million, an increase of +59% CER (+54% DKK).”

Annual report 2025A · The company itself

“The Abilify LAI franchise in the U.S. grew to reach +9% CER growth in 2025 on the back of +7% growth in demand volume in the fourth quarter of 2025 on an expanding market share for the brands. Strong uptake in total prescriptions (TRx) for ® (61.1% for November 2025 year-todate versus prior year), which grew market share to reach 4.3% in November as Lundbeck continue to source patients from oral aripiprazole, other oral antipsychotics, LAIs other than Abilify Maintena ® and naïve patients.”

Annual report 2025A · The company itself

“United States revenue reached DKK 13,287 million representing growth of +21% CER (+17% DKK) maintaining more than 19% growth CER across all quarters of 2025.”

Annual report 2025A · The company itself

“("HIG") (together with its subsidiaries, “The Hartford”, the “Company”, “we”, or “our”) is a holding company for a group of subsidiaries that provide property and casualty ("P&C") insurance, employee group benefits insurance and services, and mutual funds and exchange-traded funds ("ETF") to individual and business customers in the United States, as well as in the United Kingdom and other international locations.”

Annual report 2025A · The company itself

“Marketing and Distribution Business Insurance provides insurance products and services through the Company’s regional offices, branches and sales and policyholder service centers throughout the United States and, to a lesser extent, overseas, principally in the United Kingdom. The products are marketed and distributed using independent retail agents and brokers, wholesale agents and specialty insurance and reinsurance brokers, with business also sold direct-to-consumer.”

Annual report 2025A · The company itself

“Global Specialty Global specialty competes against multi-national insurance and reinsurance companies, in the U.S and London markets. Global specialty writes many surplus lines of business, which are lines of business not written through standard products licensed or admitted in a state ("nonadmitted").”

Annual report 2025A · The company itself

“As Affordable Care Act subsidies have expired, non-expansion states with higher numbers of individuals not eligible for Medicaid who can no longer rely on purchasing coverage from the Affordable Care Act marketplace will be disproportionately affected unless the subsidies are extended. Accordingly, facilities in non-expansion states could face challenges in meeting operational costs if patients/residents lose the ability to purchase Affordable Care Act coverage.”

Annual report 2025A · The company itself

“Finally, our lab investments could also be adversely affected if the life science industry migrates from the U.S. to other countries that have seen accelerated growth in the biotech industry, or to areas outside of our primary lab markets in the greater South San Francisco, San Diego, and Boston areas.”

Annual report 2025A · The company itself

“In particular, (i) a significant portion of our lab development projects and approximately 69% of our lab portfolio (based on gross asset value as of December 31, 2025) was concentrated in California, which is known to be subject to earthquakes, wildfires, and other natural disasters, and (ii) approximately 69% of our life plan community portfolio (based on gross asset value as of December 31, 2025) was concentrated in Florida, which is known to be subject to hurricanes.”

Annual report 2025A · The company itself

“Detta motverkades delvis av tillväxt inom infrastrukturprojekt i USA och en fortsatt stark utveckling i Sydamerika och Mellanöstern.”

Annual report 2024A · The company itself

“Regionalt var den organiska tillväxten 0 % i Nord- och Sydamerika, 2 % i Asien och -1 % i EMEA.”

Annual report 2024A · The company itself

“Medan till exempel Sverige har kommit långt i utbyggnaden av fibernät till hemmen, är anslutningsgraden fortfarande relativt låg i länder som Tyskland, Storbritannien och USA.”

Annual report 2024A · The company itself

“I USA finns ett antal program som syftar till att stimulera utbyggnaden av bredbandsnät, bland annat BEAD-programmet riktar sig till utbyggnaden av fibernät i lågbefolkade områden på landsbygden.”

Annual report 2024A · The company itself

“Inköpsstrategin är baserad på marknadsa - nalys och riskminimering med ambition att ha flera alternativa leverantörer för nyckelprodukter.”

Annual report 2024A · The company itself

“Arbetet med att förbättra Hexatronics position på viktiga strategiska tillväxtmarknader som USA, Storbritannien och Tyskland pågår kontinuerligt. I dessa marknader har det aviserats historiskt stora investeringar i infrastruktur för de kommande åren.”

Annual report 2024A · The company itself

“• I juni 2024 slöt Hexatronic ett avtal med Novos Fiber som innebär att Hexatronic blir strategisk leverantör för utbyggnad av kompletta FTTH-system i USA. Avtalet löper initialt över tre år och förväntas generera en försäljning om cirka 400 MSEK.”

Annual report 2024A · The company itself

“Sverige 45 % Nordamerika 38 % APAC 9 % Det här är Hexatronic Global marknad Hexatronics största geografiska marknader utgörs av norra Europa och Nordamerika. Vi har en stark position i länder som USA, Tyskland och Storbritannien som utgör attraktiva tillväxtmarknader.”

Annual report 2024A · The company itself

“På den viktiga marknaden i Nordamerika ser vi ett ökat intresse för våra lösningar. Hexatronic börjar bli mer och mer känt på marknaden och vi har bra referenskunder som uppskattar våra kompletta FTTH-system. I oktober 2024 stod den nya duktfabriken i Ogden, Utah redo och med den stärker vi nu vår kapacitet att leverera till kunder över hela Nordamerika.”

Annual report 2024A · The company itself

“Idag är Hexatronic en etablerad aktör i länder som Storbritannien, Tyskland och USA där det planeras stora investeringar i fiberoptisk infrastruktur under kommande år.”

Annual report 2024A · The company itself

“Hexatronic påbörjar internationaliseringen genom förvärv av OpticReach i Storbritannien och etablering av lokala bolag i Tyskland och USA.”

Annual report 2024A · The company itself

“USA har växt till vår klart största marknad och utgör nu drygt 25 procent av försäljningen.”

Annual report 2024A · The company itself

“Nettoomsättningen för räkenskapsåret minskade organiskt med 13 procent och är primärt hänförligt till svagare försäljning inom Fiber Solutions i Tyskland, Storbritannien och USA. I Tyskland och Storbritannien påverkades marknaderna av en svagare efterfrågan och prispress. Den amerikanska duktförsäljningen har också påverkats av prispress vilket till viss del kompenserats av en ökad försäljning inom fiberanslutningar till hemmet i USA, samt både organisk och förvärvsdriven tillväxt genom bolagen inom våra fokusområden Harsh Environment och Data Center.”

Annual report 2024A · The company itself

“Business Strategy Our goal is to be the preeminent owner of high-quality lodging real estate in growing markets in the U.S. and to generate superior long-term risk adjusted returns for our stockholders throughout all phases of the lodging cycle through a combination of appreciation in asset values, growth in earnings and the payment of dividends. The pillars of our strategy to achieve this objective and elevate our growth profile include: •Geographically diverse portfolio of hotels in the U.S. - Own a diversified portfolio of hotels in the U.S. in major urban and resort destinations.”

Annual report 2025A · The company itself

“Our Consolidated Hotel Portfolio As of February 20, 2026, we owned a portfolio of 76 hotels, of which 71 are in the United States and five are located in Brazil and Canada. Our consolidated hotels located outside the United States collectively have approximately 1,500 rooms.”

Annual report 2025A · The company itself

“A large proportion of our hotels are located in a limited number of large urban cities and, accordingly, we could be disproportionately harmed by adverse changes to these markets or events impacting these markets. Hotels in the following cities and states represented approximately 65% of our 2025 hotel revenues: New York, Washington, D.C., San Diego, San Francisco, Phoenix, Florida and Hawaii.”

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

“U.S. Government orders comprised substantially all of the backlog as of December 31, 2025 and 2024.”

Annual report 2025A · The company itself

“Ingalls - The primary properties comprising our Ingalls operating segment are located in Pascagoula, Mississippi. Our Pascagoula shipyard facilities are located on approximately 800 acres on the banks of the Pascagoula River where it flows into the Mississippi Sound.”

Annual report 2025A · The company itself

“Newport News - The primary properties comprising our Newport News operating segment are located in Newport News, Virginia.”

Annual report 2025A · The company itself

“Mission Technologies - The properties comprising our Mission Technologies operating segment are located throughout the United States, United Kingdom, and Australia. Our Mission Technologies headquarters are in Fairfax and McLean, Virginia.”

Annual report 2025A · The company itself

“Revenue Recognition - Most of the Company's revenues are derived from long-term contracts for the production of goods and services provided to its U.S. Government customers.”

Annual report 2025A · The company itself

“On the geopolitical side, one of the most significant events was the re-election of President Trump as the 47th President of the United States. This development sent waves through many industries, including offshore wind, introducing uncertainty around future U.S. market policies.”

Annual report 2024A · The company itself

“The Group has a global geographical footprint, with IWS Fleet’s operations primarily focused on Europe, while IWS Services extends its coverage to Europe, Asia– Pacific and the US.”

Annual report 2024A · The company itself

“In light of these considerations, in 2025, we streamlined our footprint to improve operational efficiency and better align capacity with anticipated demand. We initiated the consolidation of our Costa Rican assembly and test operations into our other facilities, which we expect to be completed by the end of 2026, slowed the pace of construction for our new Ohio wafer fabrication facility, or fab, and discontinued planned expansions in Germany (fab) and Poland (assembly and test facility).”

Annual report 2025A · The company itself

“We are making capital investments in furtherance of our strategy. As of December 27, 2025, our capital investments classified as construction in progress totaled $34.5 billion ($50.4 billion as of December 28, 2024) and decreased in 2025 as Arizona SCIP placed the first tranche of manufacturing assets into service in connection with the ramp of our 18A process node.”

Annual report 2025A · The company itself

“We remain committed to advancing leading-edge semiconductor process technology and manufacturing in the U.S., where we are the only company conducting both leading-edge semiconductor logic R&D and related high-volume manufacturing. We intend to remain a leading developer of semiconductor process technology and a major manufacturer of semiconductors, and we plan to continue manufacturing the majority of our products in our own factories.”

Annual report 2025A · The company itself

“Our efforts may be hindered by the higher costs of, regulatory and environmental restrictions imposed upon, and time it takes to build fabrication and assembly and test facilities in the jurisdictions in which we operate and plan to build new or upgrade existing foundry facilities as compared to the jurisdictions in which our competitors predominantly operate their foundry facilities.”

Annual report 2025A · The company itself

“Funding Requirements Our short-term funding requirements include capital expenditures for worldwide manufacturing and assembly and test, including investments in our process technology roadmap; investments in our product roadmap; working capital requirements, including cash outlays associated with the 2025 Restructuring Plan and prepayments we may enter into to secure supply; partner distributions to our non-controlling interest holders; pending and potential acquisitions; and strategic investments.”

Annual report 2025A · The company itself

“Sales outside the U.S. accounted for 70% of our revenue for 2025.”

Annual report 2025A · The company itself

“Further, NYSE’s revenue increases when more companies are seeking access to public markets, and on the NYSE specifically.”

Annual report 2025A · The company itself

“The majority of our identifiable assets are located in the U.S. and the United Kingdom, or U.K.”

Annual report 2025A · The company itself

“We operate multiple trading venues, including 13 regulated exchanges and six clearing houses (one of which, ICE Clear Credit, is included in our Fixed Income and Data Services segment discussed below), which are strategically positioned in major market centers around the world, including the U.S., U.K., European Union, or EU, Canada, Asia Pacific and the Middle East.”

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 Securities Business •In our cash equities and options markets, NYSE, NYSE Arca, NYSE American, NYSE National and NYSE Texas are national securities exchanges and, as such, are SROs and subject to oversight by the SEC.”

Annual report 2025A · The company itself

“Regulation of our Custody Business We have a digital asset custody business operated by our subsidiary, ICE Digital Trust, a New York State chartered Limited Purpose Trust Company under the supervision of the New York State Department of Financial Services, or NYDFS, which provides custody services for digital assets, including Bitcoin, Ethereum and USD Coin.”

Annual report 2025A · The company itself

“Regulation of our Data Business We have a U.S. subsidiary, ICE Data Pricing & Reference, LLC, that is registered with the SEC under the Investment Advisers Act of 1940, or the Investment Advisers Act, for its evaluated pricing and other advisory services.”

Annual report 2025A · The company itself

“Northern Europe 38% Central & Southern Europe 35% Asia & Pacific 17% Americas 9%”

Annual report 2025B · From the report

“These benefits were offset, mainly by the US, where margin was impacted by commercial investments, primarily in staff and infrastructure, to strengthen the platform for future growth.”

Annual report 2025A · The company itself

“In the Americas, growth was negative, reflecting deliberate contract exits in 2024 and tough comparison against the significant hurricane response and restoration work undertaken in the US in Q4 2024.”

Annual report 2025A · The company itself

“The commercial development in 2025 was not satisfactory. In response, ISS is investing – and continues to invest – commercially to strengthen the foundation for future growth, primarily in staff and infrastructure.”

Annual report 2025A · The company itself

“Vuonna 2025 Kalmar julkisti myös strategisen kumppanuuden yhdysvaltalaisen, maastokäyttöön soveltuvien raskaiden materiaalinkäsittelylaitteiden valmistajan, Independent Rough Terrain Center LLC:n (IRTC) kanssa IRTC:n maastokäyttöön soveltuvien konttikurottajien (RTCH) maailmanlaajuisesta jakelusta ja huollosta.”

Annual report 2025A · The company itself

“Vuoden kohokohtiin kuuluivat seuraavat julkistetut tilaukset: Kalmar modernisointipalvelun toteuttama 32 konttilukin modernisointi APM Terminalsille MedPort Tangieriin (Marokko), 14 hybridikäyttöistä Kalmarkonttilukkia Hanseatic Global Terminalsille (Ranska), 14 automatisoitua hybridikäyttöistä Kalmar AutoStrad™ - laitetta Patrick Terminalsille (Australia), 16 hybridikäyttöistä konttilukkia Transnet Port Terminalsille Kapkaupunkiin ja Port Elizabethiin (Etelä- Afrikka) sekä 30 hybridikonttilukkia Maher Terminalsin merikonttiterminaaliin New Jerseyihin (Yhdysvallat).”

Annual report 2025A · The company itself

“51 (48) prosenttia, Amerikan 34 (38) prosenttia ja Aasian ja Tyynenmeren alueen 15 (14) prosenttia. Myynti kasvoi EMEA- ja APAC-alueilla molempien segmenttien vetämänä, kun taas myynti laski Amerikassa pitkittyneen markkinatilanteen epävarmuuden vuoksi.”

Annual report 2025A · The company itself

“Tästä esimerkkinä on Kalmarin kolmannen sukupolven sähköisen terminaalitraktorin (OT2 EV) virallisen myynnin aloittaminen Pohjois-Amerikassa.”

Annual report 2025A · The company itself

“In recent years, we have grown, and we intend to continue to grow, our business by expanding our global operations. In seeking to expand our operations in geographic markets where we currently have a presence or to establish operations in new geographic markets where we do not currently have a presence, we expect, as we have in the past, to invest significant resources, incur significant expenses, and face various challenges, including those related to compliance with market-specific laws or regulations, gaining acceptance of our products from consumers, customers, and third-party partners, and expanding our sales force and other personnel in those markets.”

Annual report 2025A · The company itself

“For the year ended December 31, 2025, $43.8 billion of capital was invested by our Credit and Liquid Strategies business line, as compared to $38.6 billion for the year ended December 31, 2024. The increase was driven primarily by a higher level of capital deployed across our private credit strategies, most notably direct lending. During the year ended December 31, 2025, 79% of capital deployed was in transactions in North America, 16% was in Europe, and 5% was in the Asia-Pacific region.”

Annual report 2025A · The company itself

“Over the same period, we scaled from being a U.S.-focused firm to a global operation with 36 offices around the world as of December 31, 2025.”

Annual report 2025A · The company itself

“Our transaction fees are comprised of fees earned from North America, Europe, and the Asia-Pacific region. For the year ended December 31, 2025, approximately 54% of our transaction fees were generated outside of North America as compared to approximately 47% for the year ended December 31, 2024.”

Annual report 2025A · The company itself

“Nøkkelkonktrakter inkluderte JSM til US Air Force, Japan og Australia, samt NSM til US Navy.”

Annual report 2024A · The company itself

“Viktige kunder inkluderer regjeringer, forsvarsorganisasjoner og militære styrker i Europa, USA og NATO-land, sammen med kommersielle luftfartskunder.”

Annual report 2024A · The company itself

“Den internasjonale veksten fortsetter, og i 2025 kommer vi til å begynne å bygge de nye missilfabrikkene i Australia og USA, som vil gi oss en mye sterkere tilstedeværelse i disse landene.”

Annual report 2024A · The company itself

“En ny missilproduksjonsfabrikk ble åpnet sommeren 2024 på Kongsberg, og like etter annonserte vi nye fabrikker i Australia og USA.”

Annual report 2024A · The company itself

“Vi styrker vår tilstedeværelse i land som Australia, Canada og USA.”

Annual report 2024A · The company itself

“Norge er det viktigste markedet for forretningsområdet. I tillegg har forretningsområdet en sterk posisjon i USA og Australia.”

Annual report 2024A · The company itself

“Market Opportunity for Dx Based on Company estimates, in 2025, the U.S. clinical laboratory testing industry generated revenues of more than $80 billion.”

Annual report 2025A · The company itself

“Pharmaceutical, biotechnology, medical device, and diagnostic companies, and CROs 9 % 9 % 4 % 22 % Total revenues 87 % 9 % 4 % 100 % Diagnostics Laboratories Segment Dx offers a comprehensive menu of frequently requested core testing and specialty testing through an integrated network of primary and specialty laboratories across the U.S. and Canada. During 2025, the Dx segment generated $10,876.5 million in revenues.”

Annual report 2025A · The company itself

“Nearly all of Dx’s revenues were generated in the U.S.”

Annual report 2025A · The company itself

“We own a 49.9% interest in a joint venture with Samsung that distributes Samsung ductless AC and heat pump products in the U.S. and Canada as well as "Lennox powered by Samsung" branded products through Lennox Stores and direct-to-dealer network.”

Annual report 2025A · The company itself

“(approximately 8,500 employees) and Mexico (approximately 3,200 employees).”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“In North America, we manufacture and sell unitary heating and cooling equipment used in light commercial applications, such as low-rise office buildings, restaurants, retail centers, distribution, churches and schools.”

Annual report 2025A · The company itself

“The “Lennox” business and brands (“Dave Lennox Signature Collection,” “Elite Series,” “Merit Series,” “iComfort,” “ComfortSense” and “Healthy Climate Solutions”) are sold directly to independent installing dealers, making us one of the 1 largest wholesale distributors of residential heating, ventilation, and air conditioning products in North America. We operate a network of Lennox Stores across the U.S. and Canada.”

Annual report 2025A · The company itself

“The North American residential heating and cooling market provides an example of the competitive strength of our marketing and distribution strategy. We use three distinct distribution approaches in this market: the company-owned distribution system, the independent distribution system and direct sales to end-users.”

Annual report 2025A · The company itself

“The Allied Air Enterprise business and brands (“Armstrong Air,” “AirEase,” “Concord,” “Ducane,” “Allied,” and “MagicPak”) include a full line of heating, ventilation and air conditioning products and are sold through independent wholesale distributors in the U.S. and Canada.”

Annual report 2025A · The company itself

“Net sales outside of the U.S. comprised approximately 7% of our total net sales in 2025.”

Annual report 2025A · The company itself

“Condale Plastics tillverkar specialgjorda plastprofiler och Tastitalia är en nischad tillverkare av kundanpassade touch-paneler, displayer och knappsatser.”

Annual report 2024A · The company itself

“Dental bedriver även viss distributionsverksamhet i USA.”

Annual report 2024A · The company itself

“Aeronautics’ major programs include: •F-35 Lightning II – international multi-role, multi-variant, fifth generation stealth fighter. •C-130 Hercules – international tactical airlifter. •F-16 Fighting Falcon – combat-proven, international multi-role fighter. •F-22 Raptor – air dominance and multi-role fifth generation stealth fighter. The F-35 program is our largest program, generating 27% of our total consolidated sales, as well as 67% of Aeronautics’ sales in 2025.”

Annual report 2025A · The company itself

“We also have commitments from seven international partner countries and 12 FMS customers, who collectively during the year indicated their intent to purchase 72 additional aircraft beyond their existing programs of record.”

Annual report 2025A · The company itself

“MFC’s major programs include: •The Patriot Advanced Capability-3 (PAC-3) and Terminal High Altitude Area Defense (THAAD) air and missile defense programs. PAC-3 is an advanced defensive missile for the U.S. Army and international customers designed to intercept and eliminate incoming airborne threats using kinetic energy.”

Annual report 2025A · The company itself

“THAAD is a transportable defensive missile system for the U.S. Government and international customers designed to engage targets both within and outside of the Earth’s atmosphere.”

Annual report 2025A · The company itself

“•The Multiple Launch Rocket System (MLRS), Precision Strike Missile (PrSM), Joint Air-to-Surface Standoff Missile (JASSM), Long Range Anti-Ship Missile (LRASM), Hellfire and Joint Air-to-Ground Missile (JAGM) tactical and strike missile programs. MLRS is a highly mobile, automatic system that fires surface-to-surface rockets and missiles from the M270 and High Mobility Artillery Rocket System (HIMARS) platforms produced for the U.S. Army and international customers and PrSM is the next generation of precision strike surface-to-surface weapon systems that is compatible with the MLRS family of launchers in support of the U.S.”

Annual report 2025A · The company itself

“JASSM is an air-to-ground missile launched from fixed-wing aircraft, which is produced for the U.S. Air Force and international customers.”

Annual report 2025A · The company itself

“LRASM is a precision guided anti-ship missile derived from JASSM and designed to interdict a variety of surface threats at very long range and produced for the U.S. Air Force, U.S. Navy, and international customers.”

Annual report 2025A · The company itself

“Hellfire and JAGM are air-to-ground missile used on rotary and fixed-wing aircraft, which is produced for the U.S. Army, Navy, Marine Corps and international customers.”

Annual report 2025A · The company itself

“•The Javelin program, which is a one-person portable and platform-employable anti-tank and multi-target precision weapon system. Javelin was developed and is currently produced for the U.S. Army and U.S. Marine Corps by a joint venture between Lockheed Martin and RTX Corporation. •The Apache fire control system, Sniper Advanced Targeting Pod (SNIPER®) and Infrared Search and Track (IRST21®) sensors and global sustainment programs.”

Annual report 2025A · The company itself

“The Apache fire control system provides weapons-targeting capability for the Apache helicopter for the U.S. Army and international customers.”

Annual report 2025A · The company itself

“SNIPER is a targeting system for several fixed-wing aircraft and is produced for the U.S. Air Force and international customers.”

Annual report 2025A · The company itself

“IRST21 provides long-range infrared detection and tracking of airborne threats and is used on several fixed-wing aircraft. IRST21 is produced for the U.S. Air Force, the U.S. Navy, the National Guard and international customers.”

Annual report 2025A · The company itself

“•The Special Operations Forces Global Logistics Support Services (SOF GLSS) program, which provides logistics support services to the special operations forces of the U.S. military. •Hypersonics programs, which include several programs with the U.S. Air Force and U.S. Army to design, develop and build hypersonic strike weapons.”

Annual report 2025A · The company itself

“RMS’ major lines of business include: •Sikorsky helicopter programs such as those related to the Black Hawk, Seahawk® and CH-53K King Stallion heavy lift helicopters, which are in service with U.S. and foreign governments, and the Combat Rescue Helicopter (CRH) utilized by the U.S.”

Annual report 2025A · The company itself

“•Integrated warfare systems and sensors (IWSS) programs such as Aegis Combat System (Aegis) programs that serve as an air and missile defense system for the U.S. Navy and international customers and are also a sea and land-based element of the U.S. missile defense system, and the Littoral Combat Ship (LCS), Multi-Mission Surface Combatant (MMSC), and River-Class Destroyer (RCD) (formerly known as Canadian Surface Combatant) programs to provide surface combatant ships for the U.S.”

Annual report 2025A · The company itself

“Navy and international customers that are designed to operate in shallow waters and the open ocean. •Command, control, communications, computers, cyber, combat systems, intelligence, surveillance, and reconnaissance (C6ISR) programs such as the Command, Control, Battle Management and Communications (C2BMC) program to provide an air operations center for the Ballistic Missile Defense System for the U.S. Government, undersea combat systems programs largely serving the U.S. Navy, and Australia's Joint Air Battle Management System (AIR 6500).”

Annual report 2025A · The company itself

“Table of Contents •Training, logistics and simulation (TLS) programs such as those providing sustainment services and programs that provide simulators and associated training to U.S. military and foreign government customers.”

Annual report 2025A · The company itself

“Space’s major programs include: •The Trident II D5 Fleet Ballistic Missile (FBM), a program with the U.S. Navy for the only submarine-launched intercontinental ballistic missile currently in production in the U.S.”

Annual report 2025A · The company itself

“We derived 72% of our total consolidated sales from the U.S. Government in 2025, including 63% from the Department of War (DoW), also known as the Department of Defense under 10 U.S.C. § 111(a).”

Annual report 2025A · The company itself

“As of December 31, 2025, approximately 93% of our workforce was located in the U.S. and approximately 19% of our employees were covered by collective bargaining agreements with various unions.”

Annual report 2025A · The company itself

“A number of our facilities are located on the U.S. Gulf Coast, which has been impacted by hurricanes that have required us to temporarily shut down operations at those sites.”

Annual report 2025A · The company itself

“Vuonna 2025 osakemarkkinat tuottivat parhaiten Yhdysvaltojen ulkopuolella. Suomalaisten osakkeiden tuotto oli muutaman vuoden tauon jälkeen erittäin vahva, ja OMXH 25 -indeksi tuotti 35,4 prosenttia.”

Annual report 2025A · The company itself

“Location Number of Locations Arizona 69 California 974 Nevada 117 New Mexico 1 Oregon 1 Total 1,162 The following table sets forth details about our Refining & Marketing owned and operated terminals as of December 31, 2025.”

Annual report 2025A · The company itself

“Refinery Crude Oil Refining Capacity (mbpcd) Gulf Coast Region Galveston Bay, Texas City, Texas 631 Garyville, Louisiana 617 Subtotal Gulf Coast region 1,248 Mid-Continent Region Catlettsburg, Kentucky 307 Robinson, Illinois 253 Detroit, Michigan 146 El Paso, Texas 133 St. Paul Park, Minnesota 105 Canton, Ohio 100 Mandan, North Dakota 72 Salt Lake City, Utah 70 Subtotal Mid-Continent region 1,186 West Coast Region Los Angeles, California 365 Anacortes, Washington 119 Kenai, Alaska 68 Subtotal West Coast region 552 Total 2,986 33 Table of Contents The following table sets forth the approximate number of locations where jobbers maintain branded outlets, marketing fuels mainly under the Marathon and ARCO brands as well as Shell, Mobil, Tesoro and other brands, as of December 31, 2025.”

Annual report 2025A · The company itself

“Expand direct market coverage 7.4 Technology and products Medistim’s medical devices are used to improve quality of cardiovascular surgery and are subject to high requirements and product certifications with regards to quality and safety, and require high competence and excellent quality systems.”

Annual report 2024A · The company itself

“To strengthen its offering, Medistim has introduced a flexible business model for the US market. In addition to traditional capital investments and purchase of consumables, hospitals can choose to either pay per procedure or enter leasing agreements. Under these agreements the systems are placed at the hospitals free of charge, with the customer purchasing a “per’ surgery” smartcard or paying a monthly lease.”

Annual report 2024A · The company itself

“Medistim sells its own products either through a lease or as capital. Medistim has a flexible business model in the US and leaves it up to the customer whether they want to lease the equipment or purchase the capital equipment and buy probes as consumable.”

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

“5.2 Regional development MNOK 2024 2023 Change in % AMERICAS 237.2 209.0 13.5 % APAC 65.3 83.0 -21.3 % EMEA 170.3 154.9 9.9 % THIRD-PARTY 89.8 79.4 13.1 % TOTAL 562.6 526.4 6.9 % AMERICAS USA is the largest market within the region and is the largest market in the world for the Medistim’s products, representing 33 % of global CABG procedures.”

Annual report 2024A · The company itself

“Medistim’s current market penetration is 35 % of the total market of approximately 200 000 bypass surgery procedures performed annually. In comparable markets like Germany, Scandinavia, and Japan, Medistim has achieved TTFM market penetration exceeding 80 %. The Group expects that market penetration in USA will develop in the same manner over time.”

Annual report 2024A · The company itself

“Medistim has a strong position in Canada with presence in 22 of Canada’s 38 cardiac centers. About 18 000 coronary bypass surgeries are performed in Canada per year, and about 50 % are supported with Medistim’s technology.”

Annual report 2024A · The company itself

“Representing close to 30 % of the global CABG market, USA is the most important market for Medistim, accounting for 48 % of total revenue from own products in 2024.”

Annual report 2024A · The company itself

“The US is the single largest market for Medistim’s products, representing close to 30 % of the world market, with a combined European market of a similar size.”

Annual report 2024A · The company itself

“The Merck Patient Assistance Program provides certain medicines and adult vaccines for free to people in the U.S. and U.S. territories who do not have prescription drug or health insurance coverage and who, without the Company’s assistance, cannot afford their Merck medicines and vaccines.”

Annual report 2025A · The company itself

“United States The Company faces increasing pricing pressure from managed care organizations, government agencies and programs that could negatively affect the Company’s sales and profit margins, including, through (i) practices of managed care organizations, federal and state exchanges, and institutional and governmental purchasers, and (ii) federal laws and regulations related to Medicare and Medicaid, including the Medicare Prescription Drug, Improvement, and Modernization Act of 2003, the Patient Protection and Affordable Care Act of 2010 (ACA), the American Rescue Plan Act of 2021 (American Rescue Plan Act), and the Inflation Reduction Act of 2022 (IRA). Additionally, increased utilization of the 340B Federal Drug Discount Program and restrictions on the Company’s ability to identify inappropriate discounts are having a negative impact on Company performance.”

Annual report 2025A · The company itself

“Sales worldwide by subsidiaries outside the U.S. as a percentage of total Company sales were 44% in 2025, 50% in 2024 and 53% in 2023.”

Annual report 2025A · The company itself

“Principal U.S. research facilities are located in Rahway, New Jersey; West Point, Pennsylvania; Boston and Cambridge, Massachusetts; South San Francisco, California; and Elkhorn, Nebraska (Animal Health). Principal research facilities outside the U.S. are located in the United Kingdom, 42 Table of Contents Switzerland and China.”

Annual report 2025A · The company itself

“The Company also has production facilities for human health products at five locations in the U.S. and Puerto Rico. Outside the U.S., through subsidiaries, the Company owns or has an interest in manufacturing plants or other properties in Western Europe, Africa and Asia.”

Annual report 2025A · The company itself

“An important part of our portfolio strategy is to maintain diversity of markets, submarkets, product types and price points in the Southeast, Southwest and Mid-Atlantic regions of the U.S. We have multifamily assets in 38 defined markets, with a presence in approximately 150 submarkets and a mixture of garden-style, mid-rise and high-rise communities. This diversity helps to mitigate exposure to economic issues, including supply and demand factors, in any one geographic market or area.”

Annual report 2025A · The company itself

“We own, operate, acquire and selectively develop apartment communities primarily located in the Southeast, Southwest and Mid-Atlantic regions of the U.S. with the potential for above average growth and return on investment. Approximately 70% of our apartment units are located in the Florida, Georgia, North Carolina, and Texas markets.”

Annual report 2025A · The company itself

“As of December 31, 2025, approximately 41.2% of our portfolio (based on the number of completed apartment units) was located in our top five markets: Atlanta, Georgia; Dallas, Texas; Austin, Texas; Charlotte, North Carolina; and Orlando, Florida. In addition, our overall operations are concentrated in the Southeast, Southwest and Mid-Atlantic regions of the U.S.”

Annual report 2025A · The company itself

“U.S. full service bottlers/distributors 45% ​ 46% ​ 47% International full service bottlers/distributors 43% ​ 41% ​ 40% Club stores and e-commerce retailers 8% ​ 8% ​ 8% Retail grocery, direct convenience, specialty chains and wholesalers 2% ​ 2% ​ 2% Alcohol, value stores and other 2% ​ 3% ​ 3% ​ Our non-alcohol customers include Coca-Cola Canada Bottling Limited, Coca-Cola Consolidated, Inc., Coca-Cola Bottling Company United, Inc., Reyes Holdings, LLC, Coca-Cola Southwest Beverages LLC, The Coca-Cola Bottling Company of Northern 12 Table of Contents New England, Inc., Swire Pacific Holdings, Inc. (USA), Liberty Coca-Cola Beverages, LLC, Coca-Cola Europacific Partners, Coca-Cola Hellenic, Coca-Cola FEMSA, Swire Coca-Cola (China), COFCO Coca-Cola, Coca-Cola Beverages Africa, Coca-Cola İçecek and certain other TCCC network bottlers, Asahi Soft Drinks, Co., Ltd., Wal-Mart, Inc. (including Sam’s Club), Costco Wholesale Corporation and Amazon.com, Inc.”

Annual report 2025A · The company itself

“Coca-Cola Consolidated, Inc. accounted for approximately 10% of our net sales for each of the years ended December 31, 2025, 2024 and 2023.”

Annual report 2025A · The company itself

“Net sales outside the United States were $3.44 billion, $2.96 billion and $2.71 billion for the years ended December 31, 2025, 2024 and 2023, respectively.”

Annual report 2025A · The company itself

“We have continued expanding our energy drink operations internationally into a variety of new markets. Our net sales to customers outside of the United States were approximately 41%, 40% and 38% of consolidated net sales for the years ended December 31, 2025, 2024 and 2023, respectively.”

Annual report 2025A · The company itself

“Our largest customer is the U.S. government (through multiple contracts with its various branches and agencies, including the armed services), representing approximately 8% of our consolidated net sales in 2025. The loss of this customer could have a material adverse effect on our revenue and earnings over several quarters as many of our contracts with the U.S. government are long-term in nature.”

Annual report 2025A · The company itself

“As of December 31, 2025, we employed approximately 23,000 people globally, with 51% in the North America region and 49% in the International region.”

Annual report 2025A · The company itself

“In 2025, 28% of our revenue was generated outside of North America.”

Annual report 2025A · The company itself

“With effect from 2 April 2025, 25% tariffs have been imposed on goods imported from Canada to the USA. The situation is fluid and it is difficult to see how this will play out, including other countries.”

Annual report 2024A · The company itself

“The US market consumed close to 600k tonnes, equivalent to a market share of 22%. After several years with growth in excess of the wider market, consumption was reduced by 3.1% in 2024.”

Annual report 2024A · The company itself

“Americas Volumes and earnings in Consumer Products Americas were relatively stable in 2024 compared with 2023. Earnings in the Chilled segment were good, while the Fresh segment in the US experienced margin pressure due to a more sluggish market, especially in the first half of 2024.”

Annual report 2024A · The company itself

“However, market conditions for salmon of Chilean origin were difficult also in 2024 on the back of a more challenging US market.”

Annual report 2024A · The company itself

“Price and volume developments Market prices for salmon of Canadian origin decreased by 5.5% and 6.1% in West and East respectively versus 2023.”

Annual report 2024A · The company itself

“In Canada West, Mowi has a 20k GWT level operation with uncertain future prospects following the authorities' decision in June 2024 to ban traditional marine salmon farming from mid-2029. Mowi has decided to initiate a strategic review of the Canada West business unit and will explore all available options before taking the appropriate action.”

Annual report 2024A · The company itself

“Price achievement was negatively impacted by quality downgrading.”

Annual report 2024A · The company itself

“The strategic review of Mowi Canada West following the changes in framework conditions is ongoing, and Mowi will explore all available options before taking the appropriate action.”

Annual report 2024A · The company itself

“Downstream, we currently operate 21 secondary processing facilities, of which the largest are located in Ustka, Poland; Bruges, Belgium; Rosyth, Scotland; Boulogne, France and in Miami and Dallas, USA.”

Annual report 2024A · The company itself

“Europe is by far the largest market for our salmon, followed by Americas and Asia.”

Annual report 2024A · The company itself

“The Group’s farming activities are located in Norway, Scotland, Canada, Chile, Ireland, Iceland and the Faroe Islands.”

Annual report 2024A · The company itself

“For example, higher overall U.S. trading volumes in 2025 as compared to 2024 led to an increase in our U.S. equities options and U.S. cash equities revenues. Market factors also contributed to higher valuations in Nasdaq Indices, higher overall volumes in Index derivatives and an improving IPO landscape.”

Annual report 2025A · The company itself

“Year Ended December 31, U.S. equity options 2025 2024 2023 Total industry average daily volume (in millions) 55.8 44.4 40.4 Nasdaq PHLX matched market share 10.3% 10.0% 11.3% The Nasdaq Options Market matched market share 3.5% 5.5% 6.1% Nasdaq BX Options matched market share 1.6% 2.1% 3.3% Nasdaq ISE Options matched market share 6.7% 6.9% 5.9% Nasdaq GEMX Options matched market share 3.6% 2.6% 2.4% Nasdaq MRX Options matched market share 3.4% 2.7% 2.0% Total matched market share executed on Nasdaq’s exchanges 29.1% 29.8% 31.0% U.S. equity derivative trading revenues and U.S. equity derivative trading revenues, net increased for the year ended December 31, 2025 compared with the same period in 2024 primarily due to higher industry trading volumes, partially offset by lower capture and lower overall U.S. matched market share executed on Nasdaq’s exchanges.”

Annual report 2025A · The company itself

“2025 Highlights •Nasdaq extended its listing leadership in 2025 and achieved its seventh consecutive year as the top U.S. exchange by proceeds raised. •In 2025, U.S. operating company IPOs on Nasdaq raised over $24 billion in proceeds.”

Annual report 2025A · The company itself

“In 2025, Nasdaq set a record for listing transfers, with $1.2 trillion in annual switches for the first time including the largest exchange transfer on record.”

Annual report 2025A · The company itself

“In the U.S., we operate six options exchanges: Nasdaq PHLX, The Nasdaq Options Market, Nasdaq BX Options, Nasdaq ISE, Nasdaq GEMX and Nasdaq MRX.”

Annual report 2025A · The company itself

“In Canada, we operate an exchange with three independent markets for the trading of Canadian-listed securities: Nasdaq Canada CXC, Nasdaq Canada CX2 and Nasdaq Canada CXD.”

Annual report 2025A · The company itself

“Our U.S. headquarters are located in New York, New York, and our European headquarters are located in Stockholm, Sweden. We also lease space in multiple locations around the world, which are used for research and development, sales and support, and administrative activities, as well as for data centers and disaster preparedness facilities.”

Annual report 2025A · The company itself

“NCABs tillväxt drivs även av fortsatt förflyttning av mönsterkortsproduktion från Europa och Nordamerika till Asien samtidigt som montering av mönsterkorten delvis flyttas tillbaka till Europa och Nordamerika, vilket ökar efterfrågan av mönsterkort på NCABs marknader.”

Annual report 2024A · The company itself

“Nettoomsättningen har utvecklats positivt under året, dels på grund av NYCKELTAL 2024 2023 Omsättningstillväxt, % 11,3 -7,7 EBITA, Mkr 117,3 108,7 EBITA-marginal, % 14,7 15,1 Medelantal anställda 91 89 förvärvet av Phase 3 under 2023, men även på grund av att marknaden i North America vuxit under 2024. Under 2024 stod segmentet för 22 procent av hela koncernens försäljning och 24 procent av EBITA.”

Annual report 2024A · The company itself

“Risks Related to Economic Conditions Changes in U.S. or international economic conditions, including declines in the industries we serve, could adversely affect the revenue stream and profitability of any of our operations.”

Annual report 2025A · The company itself

“Consistent with this global strategy, approximately 67 percent of our revenues were generated outside the United States in 2025.”

Annual report 2025A · The company itself

“In 2025, approximately 33 percent of our revenue was generated in the United States, while approximately 67 percent was generated outside the United States.”

Annual report 2025A · The company itself

“Our principal manufacturing facilities are located in the United States, the People’s Republic of China, Bulgaria, Germany, Ireland, Israel, Italy, Mexico, the Netherlands and the United Kingdom.”

Annual report 2025A · The company itself

“Gjennom vekst i attraktive regioner og segmenter, en sterk bærekraftsplattform, kundepartnerskap og kommersielt fokus samt porteføljeoptimalisering og kostnadsreduksjoner trapper Hydro Extrusions opp sine ambisjoner for driftsmessige og kommersielle forbedringer mot 2030.”

Annual report 2024A · The company itself

“Produksjonskapasiteten innen ekstrudering er på 1,4 millioner tonn i året, og markedsandelene var 16 prosent i Europa og 19 prosent i Nord-Amerika i 2024, i tillegg til solide posisjoner i Sør-Amerika og Asia.”

Annual report 2024A · The company itself

“Revenue Recognition The majority of our sales are derived from long-term contracts with the U.S. government for the development or production of goods, the provision of services, or a combination of both.”

Annual report 2025A · The company itself

“Each of the company’s segments derives a substantial percentage of its revenue from the U.S. government.”

Annual report 2025A · The company itself

“The company does not believe it has significant exposure to credit risk as the majority of our accounts receivable are due from the U.S. government either as the ultimate customer or in connection with foreign military sales.”

Annual report 2025A · The company itself

“Since Outokumpu operates in both the US and Europe, imposed tariffs may support US operations while potentially negatively impacting European operations if effective safeguards are not implemented.”

Annual report 2025A · The company itself

“Selling prices in the U.S. recovered in the second half of the year.”

Annual report 2025A · The company itself

“(ESRS2-SBM-1-40-(a)-(i)) Outokumpu’s main markets are Europe (65% of the Group’s sales in 2025) and the Americas (31% ).”

Annual report 2025A · The company itself

“The Americas business area, including sites in the US and Mexico, currently does not have a water action plan, although the San Luis Potosí site has specific water reduction actions, as mentioned above.”

Annual report 2025A · The company itself

“The four biggest countries represent 81% of the entire Outokumpu Group. At year-end 2025, those four countries with the most employees were, in descending order, Finland, Germany, Sweden and the US.”

Annual report 2025A · The company itself

“In 2025, Outokumpu’s revenue was EUR 5.5 billion.”

Annual report 2025A · The company itself

“The business area has production units in the US and Mexico.”

Annual report 2025A · The company itself

“The US market demonstrated resilience despite increasing price sensitivity in some market segments, while demand in China continued its steady upward trajectory. With FarCargo, we have significantly strengthened our logistical capabilities to the US and China.”

Annual report 2024A · The company itself

“The Bakkafrost brand is particularly strong in the US and China, where demand for large salmon is strong.”

Annual report 2024A · The company itself

“This translates to a per capita consumption of approximately 1.9 kg WFE, signifying an average of 6-7 meals per capita each year. Notably, salmon solidified its position as the second-most consumed seafood species among US consumers, with shrimp maintaining its dominance as the top choice.”

Annual report 2024A · The company itself

“The most important markets are the European, US, and Chinese markets.”

Annual report 2024A · The company itself

“RELATIVE CHANGE IN GLOBAL SUPPLY OF ATLANTIC SALMON AND EUROPEAN SPOT PRICES Change in global market supply of farmed Atlantic salmon from the previous year Change in European spot prices - fresh Atlantic salmon (Nasdaq 3-6 kg in NOK) from the previous year - 0.50 1.00 1.50 2.00 2.50 3.00 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 kg wfe / capita PER CAPITA CONSUMPTION OF FARMED ATLANTIC SALMON FOR SELECTED MARKETS EU+UK USA Japan Russia China+Hong Kong Brazil U.S. market In 2024, the U.S. market, following a prolonged and consistent growth trend, experienced a slight decline of -2%. The decline was primarily influenced by a more than -6% decline in supply from Chile or – 23,200 tonnes WFE compensated by increased shipments from Canada + 7 000 tonnes WFE.”

Annual report 2024A · The company itself

“With sales suspended in Russia, the European and U.S. markets collectively accounted for over 80% of the total supply volume, reaching market shares not seen since 2011.”

Annual report 2024A · The company itself

“Government We continue to believe we are uniquely positioned to provide commercially available software to the U.S. federal government. Our government customers remain a meaningful source of revenue for our business. We intend to capture an even greater share of U.S. federal government spending on software systems.”

Annual report 2025A · The company itself

“In 2025, we earned 74% of our revenue from customers in the United States, and 26% from those abroad.”

Annual report 2025A · The company itself

“Consolidated revenue amounted to NOK 1,118.6 million in 2024 (NOK 993.6 million in 2023), representing a 13% increase year-on-year.”

Annual report 2024A · The company itself

“Pexip serves a global market and has customers across the world with its main focus in Europe, North America and the Asia Pacific region.”

Annual report 2024A · The company itself

“QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK Financial Instrument Market Risk We and certain of our subsidiaries are exposed to market risks produced by changes in the prices of crude oil, refined petroleum products, NGL, natural gas, renewable feedstocks and renewable fuels, and electric power, as well as fluctuations in interest rates and foreign currency exchange rates.”

Annual report 2025A · The company itself

“At December 31, 2025, this segment included 10 refineries in the United States and Europe.”

Annual report 2025A · The company itself

“Photocure’s primary markets for growth, given the Company’s two direct sales organizations and a majority of the market still to be penetrated by Hexvix/ Cysview with BLC. Photocure regained the sales and marketing rights to Hexvix in continental Europe in the fourth quarter of 2020 and regained the rights to Cysview in Canada in January 2022. As a result, the Company remains positioned to take advantage of the growth opportunities in these regions.”

Annual report 2024A · The company itself

“Photocure is commercializing Hexvix/ Cysview directly in the U.S., Canada, and Europe, and has strategic partnerships with Genotests SpA in Chile, Asieris in China, Endotherapeutics in Australia/ New Zealand, Equity Pharma in South Africa, and IGL Medical in Israel.”

Annual report 2024A · The company itself

“Photocure’s product Hexvix ® /Cysview ® is available in over 30 countries, with its established specialist commercial and medical teams in North America and Europe.”

Annual report 2024A · The company itself

“Photocure operates globally with headquarters in Oslo, Norway, and additional offices in Princeton, USA, and Düsseldorf, Germany. We also maintain affiliates in France and Canada.”

Annual report 2024A · The company itself

“Our investments, results of operations and financial condition may also be adversely affected by developments in the global economy, in the U.S. economy (including as a result of actions by the Federal Reserve with respect to interest rate and monetary policy, and adverse political developments), and in the Japanese economy (including due to the effects of inflation or deflation, interest rate volatility, changes in the Japan sovereign credit rating, and material changes in the value of the Japanese yen relative to the U.S. dollar).”

Annual report 2025A · The company itself

“Market Risk Related to Foreign Currency Exchange Rates As a U.S.-based company with significant business operations outside of the U.S., particularly in Japan, we are exposed to foreign currency exchange rate risk related to these operations, as well as in our general account investment portfolio and other proprietary investment portfolios. For our international insurance operations, changes in foreign currency exchange rates create risk that we may experience volatility in the USD-equivalent earnings and equity of these operations.”

Annual report 2025A · The company itself

“(in millions) United States $ 36,801 $ 48,568 $ 31,031 Japan 13,487 13,760 15,538 Other countries 10,486 8,077 7,410 Total PFI consolidated revenue $ 60,774 $ 70,405 $ 53,979 Intersegment revenues Management has determined the intersegment revenues with reference to market rates.”

Annual report 2025A · The company itself

“Most of our income is taxable in the United States with a significant portion qualifying for preferential treatment as foreign-derived deduction eligible income (FDDEI), formerly known as foreign-derived intangible income (FDII). If U.S. tax rates increase and/or the FDDEI deduction is eliminated or reduced in the future, our provision for income taxes, results of operations and cash flows would be adversely affected (potentially materially).”

Annual report 2025A · The company itself

“We own and lease properties around the world for use as sales and administrative offices and research and development centers, primarily in the United States, India and China, and we also operate owned and leased manufacturing facilities in Singapore, Germany and China.”

Annual report 2025A · The company itself

“Yhtiö jatkoi myynnin laskun kompensoimista keskittymällä uusien kaivostoiminnan porausurakoitsijoiden asiakkuuksien voittamiseen eteläisessä Afrikassa sekä avainjakelijayhteyksien kehittämiseen erityisesti Pohjois-Amerikassa kasvun elvyttämiseksi.”

Annual report 2025A · The company itself

“Liikevaihto kasvoi Pohjois-Amerikassa ja Etelä-Afrikassa, mutta laski muilla markkina-alueilla vertailukaudesta.”

Annual report 2025A · The company itself

“Yhtiö toimitti vuoden aikana Pohjois-Amerikkaan 3 useita suurikokoisia järjestelmiä, vahvistaen asemaansa myyntialueella. Vuoden ensimmäisellä puoliskolla Robitin historian suurimmalla järjestelmäkokonaisuudella porattiin menestyksekkäästi vaativissa maaperäolosuhteissa Länsi-Kanadassa.”

Annual report 2025A · The company itself

“In North America, a large percentage of our sales are through distributors. In certain other countries, the majority of our sales are also through a limited number of distributors.”

Annual report 2025A · The company itself

“Economic Trends In 2025, sales in the U.S. accounted for over half of our total sales.”

Annual report 2025A · The company itself

“Economic Trends In 2025, sales to customers outside the U.S. accounted for less than half of our total sales.”

Annual report 2025A · The company itself

“19% North America”

Annual report 2025A · The company itself

“It should be noted that our local-for-local operating model – manufacturing and selling within the same regions – provides some insulation from potential trade disruptions.”

Annual report 2025A · The company itself

“In North America, for example, we are expanding our market coverage to capture significant growth opportunities within all major business areas.”

Annual report 2025A · The company itself

“Capital expenditure reached 473 MEUR, an increase of 86 MEUR compared to 2024, slightly higher than our latest expectation due to timing of some larger investments. The largest individual investments in 2025 related to construction of the new factories in the United States and India, the new production line in Romania and the electrical conversions in the Netherlands and France as well as digitalisation initiatives.”

Annual report 2025A · The company itself

“In North America, revenue growth was solid, especially in the United States, where we also grew our market share in 2025.”

Annual report 2025A · The company itself

“Revenue in the United States showed good growth especially in the building insulation and technical insulation business.”

Annual report 2025A · The company itself

“Revenue in North America ended at 182 MEUR in Q4 2025, an increase of nine percent in local currencies and stable in reported figures compared to Q4 2024. In the United States revenue grew double-digit percentage, while revenue in Canada returned to slight growth after some difficult quarters.”

Annual report 2025A · The company itself

“The overall North American market for commercial, military, and civil space remains a growth opportunity and strategic focus for the Company while monitoring closely the changing landscape with the new administration in the USA.”

Annual report 2025A · The company itself

“Building on a stable European core, our strategy focuses on delivering sustained organic growth while expanding globally into highpotential markets in the USA, Middle East, and APAC.”

Annual report 2025A · The company itself

“As part of the strategic market expansion efforts, the Company has explored benefits and business cases for different establishment configurations within the European Union (EU) and USA.”

Annual report 2025A · The company itself

“The North American market Rovsing participated in the Danish pavilion hosted during the 50th installment of the Space Symposium conference in Colorado, USA during April 2025.”

Annual report 2025A · The company itself

“We are establishing a stronger presence in the USA, Middle East, and APAC by adapting our proven offerings to local demands, forging strategic partnerships, and capitalizing on emerging opportunities in both institutional and commercial Space & Defense markets.”

Annual report 2025A · The company itself

“Yhdysvaltain talouden ennustetaan kasvavan vuonna 2025 maltillisesti, reaalisen BKT:n kasvaessa noin 2 prosenttia. Kasvua vauhdittavat kulutuskysyntä ja erityisesti teknologia- ja tekoäly-yhtiöiden voimakkaat investoinnit.”

Annual report 2025A · The company itself

“In addition to this, Salmon Evolution is pursuing international expansion closer to markets, serving as a lower-CO alternative to long-haul transport and distribution.”

Annual report 2023A · The company itself

“Salmon Evolution has significant international ambitions, illustrated by our North America expansion project as well as our joint venure with Dongwon Industries in South Korea.”

Annual report 2023A · The company itself

“In general, competitive dynamics in the private businesses remain supportive albeit with some variation by markets, with Norway still the most favourable, while the UK has continued to see falling market pricing that makes growth at target margins increasingly challenging in the short-term.”

Annual report 2025A · The company itself

“• Private UK includes the Group’s UK business, previously reported as Hastings in Sampo’s accounts. Sampo operates in the UK private insurance market through its customer brand Hastings, which is one of the leading digital P&C insurance providers focused on serving UK car, van, bike, and home insurance. • Nordic Commercial includes the Group’s Nordic commercial customer businesses, previously reported under the If and Topdanmark segments in Sampo’s accounts, as well as Oona Health.”

Annual report 2025A · The company itself

“Sampo plc’s notes to the financial statements Sampo operates in the UK private insurance market through its brand Hastings, which is one of the leading digital P&C insurance providers focused on UK car, van, bike, and home insurance. The Group serves over 4 million UK customers and is specialised in price comparison distribution, advanced pricing, anti-fraud, and digital capabilities.”

Annual report 2025A · The company itself

“Hastings operates solely in the United Kingdom and hence its underwriting risks are geographically distinct from the Nordics.”

Annual report 2025A · The company itself

“Vi har byggt en stabil position och ökat vår exponering i regionen, understött av tillväxtfaktorer som att produktion flyttas tillbaka till USA (re-shoring) och positiva prognoser för segment som flygindustrin och medicinteknik. Under 2024 skapades en ny division för specialverktyg GWS, med särskilt fokus på Nordamerika, och vi stärkte vårt erbjudande genom förvärvet av PDQ, det ledande USA-baserade företaget inom fixturer och verktyg.”

Annual report 2024A · The company itself

“Nordamerika förblev den mest stabila regionen, där utvecklingen för våra mjukvaru lösningar var särskilt god.”

Annual report 2024A · The company itself

“Distributionsförsäljning överväger i Nordamerika medan direktförsäljning överväger i Europa.”

Annual report 2024A · The company itself

“ADCO Circuits, acquisition completed in December, expands our footprint in the Americas region and brings a strong customer portfolio in the fast-growing Aerospace & Defense business.”

Annual report 2025A · The company itself

“In the market segments, America’s turnover increased by 31.7% compared to 2024.”

Annual report 2025A · The company itself

“Business Strategy Sempra’s mission is to build America’s leading utility growth business. We are primarily focused on the largest economies in the U.S., California and Texas, where we are investing in regulated utilities with a view toward producing stable cash flows and improved earnings visibility.”

Annual report 2025A · The company itself

“We own or have interests in a variety of energy infrastructure assets in Mexico, and we do business with companies based in foreign markets, including particularly our LNG export operations.”

Annual report 2025A · The company itself

“Oncor Oncor is a regulated electricity transmission and distribution utility that operates in the north-central, eastern, western and panhandle regions of Texas. Oncor delivers electricity to end-use consumers through its electrical systems and also provides transmission grid connections to merchant generation facilities and interconnections to other transmission grids in Texas. Oncor’s transmission and distribution assets are located in over 120 counties and more than 400 incorporated municipalities, including the cities of Dallas and Fort Worth and surrounding suburbs, as well as Waco, Wichita Falls, Odessa, Midland, Tyler, Temple, Killeen and Round Rock, among others.”

Annual report 2025A · The company itself

“Sempra Texas Utilities Sempra Texas Utilities is comprised of our equity method investments in Oncor Holdings and Sharyland Holdings. Oncor Holdings is a wholly owned entity of Sempra that owns an 80.25% interest in Oncor.”

Annual report 2025A · The company itself

“Customers and Demand. Oncor operates the largest transmission and distribution system in Texas based on the number of end-use customers and miles of transmission and distribution lines. Oncor delivers electricity to more than 4.1 million homes and businesses and operates more than 145,000 circuit miles of transmission and distribution lines as of December 31, 2025 in a territory with an estimated population of approximately 14 million.”

Annual report 2025A · The company itself

“At December 31, 2025, Sempra Infrastructure owned or held interests in the following assets: At December 31, 2025, Sempra, KKR Pinnacle and ADIA each hold a 70%, 20%, and 10% interest, respectively, in SI Partners. SI Partners owns a 100% interest in Sempra LNG Holding, LP and a 99.9% interest in IEnova at December 31, 2025.”

Annual report 2025A · The company itself

“Utsikterna för serieproduktion är positiva, med nya produkter på väg in på marknaden inom kort och nya program under utveckling för produktionsstart 2028 Årsredovisning 2024 8 och framåt. Även marknaden som helhet ser lovande ut, med en återhämtning av försäljningen av tunga fordon förväntad under 2025, samt stark efterfrågan i USA inför 2026 och i Europa inför 2028.”

Annual report 2024A · The company itself

“We are one of the largest integrated producers of linerboard, white-top linerboard and containerboard and kraft paper in North America (including the U.S., Canada and Mexico), and we serve primarily corrugated packaging markets. We are one of the largest producers of paperboard in North America, and we operate both integrated virgin and recycled fiber mills.”

Annual report 2025A · The company itself

“We are the one of the largest manufacturers of corrugated packaging in North America, with operations in the U.S., Canada and Mexico.”

Annual report 2025A · The company itself

“We maintain operations in 40 countries, primarily in North America, Latin America and Europe, and with some operations in Asia, Africa and Australia. In North America, we are a leader in corrugated and consumer packaging, containerboard and paperboard.”

Annual report 2025A · The company itself

“Sales of our North America segment accounted for 58.5% of our net sales to external customers in 2025.”

Annual report 2025A · The company itself

“The year ended December 31, 2025, compared to the year ended December 31, 2024 North America Segment Net sales before intersegment eliminations for the North America segment increased by $8,485 million, to $18,577 million in the year ended December 31, 2025, from $10,092 million in the year ended December 31, 2024.”

Annual report 2025A · The company itself

“Den globale økonomien forventes å vokse med litt under 3% 2025. USA har et anslag på 2,5%, Europa under 1%, og Norge rundt 1%.”

Annual report 2024A · The company itself

“S&P 500 steg med ca. 16,4% og Nasdaq Composite med ca. 20,4% i 2025 (begge i lokal valuta). I Europa steg Euro Stoxx 50 med ca. 16% og DAX med 23%.”

Annual report 2025A · The company itself

“Selskabet vil investere primært i nordiske aktier, obligationer samt erhvervsobligationer.”

Annual report 2025A · The company itself

“The UK, European, and North American online grocery markets in 2024 have shown steady growth. While France, the Netherlands, and Scandinavia report higher online grocery penetration, Germany, Spain, and Italy remain at lower levels in Europe.”

Annual report 2024A · The company itself

“StrongPoint’s key markets are Norway, Sweden, the Baltics, Spain, UK, South-Africa, Italy and the USA.”

Annual report 2024A · The company itself

“Further, California voters approved the ballot initiative known as the California Privacy Rights Act of 2020 (“CPRA”), enforcement of which began on July 1, 2023. The CPRA significantly expands privacy rights for California consumers and creates additional obligations on businesses, which could subject us to additional compliance costs as well as potential fines, individual claims and commercial liabilities. The CPRA also establishes the California Privacy Protection Agency, which has the power to implement and enforce the CCPA and CPRA through administrative actions, including administrative fines.”

Annual report 2026A · The company itself

“Manufacturing and Quality Control We manufacture the majority of our systems at our San Jose, California headquarters. We believe we are the only major server, storage, and accelerated compute platform vendor that designs, develops, and manufactures a significant portion of its systems in the United States. Global assembly, test and quality control of our servers are performed at our manufacturing facilities in San Jose, California, Taiwan, the Netherlands, and Malaysia.”

Annual report 2026A · The company itself

“Leveraging Our Global Operating Structure We are committed to expanding our worldwide manufacturing capacity and logistics operations across the United States, Taiwan, the Netherlands, and Malaysia. During fiscal year 2026, we significantly expanded our Silicon Valley operations including the on-going construction of a new state-of-the-art business complex and additional property leases to support our DCBBS campus near our San Jose headquarters.”

Annual report 2026A · The company itself

“Sales to customers located outside of the United States represented 29.1%, 40.6%, and 32.0% of net sales in fiscal years 2026, 2025, and 2024, respectively.”

Annual report 2026A · The company itself

“We intend to expand our international sales efforts, especially into Asia, and we are expanding our business operations in Europe and Asia, particularly in Taiwan, Malaysia, the Netherlands, Japan, Mexico and India.”

Annual report 2026A · The company itself

“Efterfrågan på stilrena och funktionella badrumslösningar har klarat sig bättre än i de nordiska marknaderna, och kombinationen av design, kvalitet och service har fortsatt attrahera både nya och befintliga kunder.”

Annual report 2024A · The company itself

“Macro Design Roper Rhodes Macro Design grundades 1985 och har gått från Roper Rhodes grundades 1979 och är nu en av Storbritanniens ledande leverantörer av badrumsmöbler och -produkter, vilka marknadsförs under varumärkena Roper Rhodes, Tavistock och R2.”

Annual report 2024A · The company itself

“För Svedbergs Group märktes detta i form av minskade volymer i Norden, vilket dock delvis kompenserades av fortsatt stark försäljning i Storbritannien och en tillförlitlig försäljning i Nederländerna.”

Annual report 2024A · The company itself

“Hög försäljningskompetens En heltäckande säljkanalmix 3 Varumärkena inom Svedbergs Group verkar på olika geografiska marknader, inom såväl konsument- som projektmarknaden och når kunderna via flera olika försäljningskanaler.”

Annual report 2024A · The company itself

“Andel av koncernens totala omsättning Marknaden utgörs huvudsakligen av Storbritannien, med ökande försäljning även på Irland.”

Annual report 2024A · The company itself

“Verksamheten bedrivs huvudsakligen genom sex helägda dotterbolag, Svedbergs i Dalstorp AB, Macro Design AB, Svedbergs Oy, Cassøe A/S, Svedbergs UK Ltd, med Roper Rhodes Ltd som ett helägt dotterbolag, samt Svedbergs Group NL B.V. med Thebalux Holding B.V. som ett helägt dotterbolag.”

Annual report 2024A · The company itself

“I juli 2024 meddelade Sobi att en stegvis ansökan om marknadsgodkännande (BLA) för NASP (tidigare SEL-212) inletts hos FDA. Ansökan är baserad på resultaten från de pivotala studierna DISSOLVE I och II.”

Annual report 2024A · The company itself

“We estimate that we serve about 18% of an approximately $377 billion annual foodservice market in the U.S., as estimated by Technomic, Inc., for calendar year 2025.”

Annual report 2026A · The company itself

“We believe, based upon industry trade data, our sales to the U.S. and Canada food-away-from-home industry were the highest of any foodservice distributor during fiscal 2026. While comprehensive industry statistics are not available, we believe that, in most instances, our operations in the U.S. and Canada are among the leading distributors of food and related non-food products to foodservice customers in those trade areas.”

Annual report 2026A · The company itself

“Our primary operations are in North America and Europe.”

Annual report 2026A · The company itself

“For our U.S. Foodservice Operations, which represents approximately 70% of our total sales, approximately 90% of products are purchased domestically.”

Annual report 2026A · The company itself

“California, Florida, Texas, and Illinois account for 25, 19, 15, and 12 respectively, of the facilities located in the U.S.”

Annual report 2026A · The company itself

“Utökad kapacitet för att möta en högre efterfrågan, med nya produktionsanläggningar i USA, Indien och Finland.”

Annual report 2024A · The company itself

“• Saab och Boeing har tillsammans utvecklat T-7A, nästa generations skolflygplan för det amerikanska flygvapnet. • Kompletta supportlösningar för stridsflygplan, flyg för brandbekämpning och helikopter. • Utveckling och produktion av avancerade strukturer och system för den kommersiella flygindustrin.”

Annual report 2024A · The company itself

“Den amerikanska armén väljer Saabs AT4-lösning för sitt program för Individual Assault Munitions under de kommande fem åren.”

Annual report 2024A · The company itself

“30 augusti Annonserade Saab att USA:s armé valt Saabs axelburna engångsvapen AT4 för sitt militära Individual Assault Munition (IAM) program. Det femåriga ramavtalet med U.S. Army innebär att kunden kan lägga beställningar upp till ett maxbelopp på totalt USD 494 miljoner (cirka SEK 5 miljarder) under perioden.”

Annual report 2024A · The company itself

“USA är världens största försvarsmarknad och Saab har haft en framgångsrik tillväxt i utvalda produktområden. I nuläget har Saab en väletablerad position inom ytbaserade radarsystem, markstrid, skolflygplanet T-7A med Boeing, och träningssystem.”

Annual report 2024A · The company itself

“Tillväxt i strategiska marknader Saab verkar i över 100 länder världen över. Utöver Sverige utgör USA, Storbritannien, Tyskland och Australien den huvudsakliga basen för fortsatt tillväxt. På dessa utvalda strategiska marknader ser Saab möjligheter för att växa inom nischer och teknikområden där Saab har en stark position som exempelvis sensorer, undervattenssystem och ledningssystem.”

Annual report 2024A · The company itself

“Saabs Dynamics Missile Systems har en global kundbas med verksamheter huvudsakligen i Sverige, Tyskland och USA.”

Annual report 2024A · The company itself

“Stärkt position i USA med ny produktionsanläggning för ammunition i Michigan.”

Annual report 2024A · The company itself

“Många konkurrenter är också starka på sina respektive hemmamarknader. • Marknadsorganisationen är organiserad för att fokusera marknads- och försäljningsinsatser till nyckelmarknader där möjligheten till nya affärer är hög. • Saab har, utöver Sverige, identifierat fyra strategiska marknader; Australien, Tyskland, Storbritannien och USA, där den lokala närvaron stärkts och kommer att stärkas ytterligare. Saab har ökat den lokala närvaron också i andra länder som till exempel Brasilien, Finland och Polen, både genom egen verksamhet och samarbeten.”

Annual report 2024A · The company itself

“Furthermore, under existing law, no more than 20% of an FCC licensee’s capital stock may be directly owned, or no more than 25% indirectly owned, or voted by non-U.S. citizens or their representatives, by a foreign government or its representatives or by a foreign corporation. If an FCC licensee is controlled by another entity, up to 25% of that entity’s capital stock may be owned or voted by non-U.S. citizens or their representatives, by a foreign government or its representatives or by a foreign corporation.”

Annual report 2025A · The company itself

“Substantially all of our revenues for the years ended December 31, 2025, 2024 and 2023, were earned in the United States, including Puerto Rico and the U.S. Virgin Islands.”

Annual report 2025A · The company itself

“While our traditional market focus has primarily been on small and mid-sized governments, our increased size and market presence, together with the technological advances and improved scalability of certain of our solutions, are allowing us to achieve increasing success in selling to larger clients. We also expect to expand our presence in international markets by leveraging our leadership position in the United States through the disciplined pursuit of selected opportunities in other countries.”

Annual report 2025A · The company itself

“We seek to establish long-term relationships with new clients primarily through our sales and marketing efforts. While we currently have clients in all 50 states, Canada, the Caribbean, the United Kingdom, Australia, and other international locations, some of our solutions have not fully achieved nationwide geographic penetration. We intend to continue to expand into new geographic markets by adding sales staff and targeting marketing efforts by solutions in those areas.”

Annual report 2025A · The company itself

“We maintain deep, long-term relationships with state and local government agencies, including dedicated state-level offices in the 30 states in which we have enterprise contracts.”

Annual report 2025A · The company itself

“Maailmantalouden kasvunäkymä on viime kuukausina vahvistunut, sillä Yhdysvaltojen vuoden 2025 aikana asettamien tullien vaikutukset talouskasvuun ja inflaatioon näyttäisivät jääneen odotettua vähäisemmiksi. Erityisesti Yhdysvalloissa BKT-ennusteet ovat olleet viime aikoina nousussa, ja tämän hetken odotukset povaavat maahan noin 2,5 prosentin talouskasvua.”

Annual report 2025A · The company itself

“Yhdysvalloissa S&P 500 -indeksin osakekohtaisten tulosten ennustetaan nousevan keskimäärin yli 10 prosenttia vuoteen 2025 verrattuna.”

Annual report 2025A · The company itself

“PROPERTIES We own and lease real properties to support our business operations in the United States and other countries.”

Annual report 2025A · The company itself

“Our failure to comply with U.S. or non-U.S. laws and regulations governing our conduct outside the United States or to establish constructive relationships with non-U.S. regulators could adversely affect our ability to market our products and services or to do so at targeted operating margins, which may have a material adverse effect on our business, financial condition and results of operations.”

Annual report 2025A · The company itself

“This geographic concentration makes us particularly sensitive to regulatory, economic, public health, environmental and competitive conditions in those states. Any material change in the current payment programs or regulatory, economic, public health, environmental or competitive conditions in those states could have a disproportionate effect on our overall business results.”

Annual report 2025A · The company itself

“As of February 25, 2026, we owned and/or operated 375 inpatient facilities and 168 outpatient and other facilities located in 40 states, Washington, D.C., the United Kingdom and Puerto Rico.”

Annual report 2025A · The company itself

“Our behavioral health care facilities located in the U.K. generated net revenues of approximately $1.001 billion in 2025 and $880 million in 2024.”

Annual report 2025A · The company itself

“California: We own 5 inpatient acute care hospitals, 4 acute outpatient centers, 9 inpatient behavioral healthcare facilities and 12 behavioral healthcare outpatient facilities as listed in Item 2. Properties. On a combined basis, these facilities contributed 11% of our consolidated net revenues during each of 2025 and 2024.”

Annual report 2025A · The company itself

“Management’s Discussion and Analysis of Financial Condition and Results of Operations-Summary of Various State Medicaid Supplemental Payment Programs, we receive revenues from various state and county-based programs, including Medicaid in all states in which we operate. We receive annual Medicaid revenues of approximately $100 million, or greater, from each of Texas, California, Nevada, Washington, D.C., Illinois, Pennsylvania, Kentucky, Tennessee, Virginia, Massachusetts, Michigan, Florida, Mississippi and Washington.”

Annual report 2025A · The company itself

“In the U.S. and Europe, we estimate that there are approximately four million people diagnosed with T1D.”

Annual report 2025A · The company itself

“We estimate that pMN affects approximately 150,000 people in the U.S. and Europe, and more than 600,000 people globally.”

Annual report 2025A · The company itself

“We estimate that there are approximately 300,000 people diagnosed with ADPKD in the U.S. and Europe.”

Annual report 2025A · The company itself

“It is a serious life-shortening disease with no approved treatments, and we estimate that it affects approximately 110,000 people in the U.S. and Europe.”

Annual report 2025A · The company itself

“Our CF medicines are reimbursed or accessible in more than 60 countries across six continents.”

Annual report 2025A · The company itself

“In addition, we have agreements with national and regional payors covering more than 275 million lives, to provide access to CASGEVY.”

Annual report 2025A · The company itself

“Since JOURNAVX became available at U.S. pharmacies in March 2025 and through the end of 2025, more than 550,000 prescriptions were written and filled across the hospital and retail settings in different acute pain conditions, consistent with the product’s broad label.”

Annual report 2025A · The company itself

“As of December 31, 2025, we had approximately 6,400 employees. Of these employees, approximately 5,200 were based in the U.S. and approximately 1,200 were based outside the U.S.”

Annual report 2025A · The company itself

“Globally, in 2025, 147 people with SCD or TDT had their first cell collection for CASGEVY. •As of the end of 2025, approximately 90 percent of people with SCD or TDT in the U.S. have reimbursed access to CASGEVY, which is also reimbursed in the U.K., Italy, Austria, Denmark, Luxembourg, Saudi Arabia, the UAE, Bahrain, and Kuwait.”

Annual report 2025A · The company itself

“In addition, 21 states provide coverage via Medicaid. •More than 100 of the targeted 150 healthcare systems and more than 950 individual hospitals of the 2,000 targeted institutions have added JOURNAVX to formularies, protocols or order sets.”

Annual report 2025A · The company itself

“Our U.S. total revenues increased 13% in 2025, as compared to 2024, due to continued strong patient demand, new patient initiations and higher realized net prices.”

Annual report 2025A · The company itself

“In addition to the items described above, we have a strategic agreement with Lonza to support the manufacture of T1D cell therapy product candidates, pursuant to which we have partnered with Lonza to build a 130,000 square foot dedicated new facility operated by Lonza in New Hampshire. Lease payments will begin in the first quarter of 2026 and continue through the tenth anniversary of the facility’s regulatory approval for commercial production.”

Annual report 2025A · The company itself

“We generate product revenues from sales in the U.S. and in international markets. We sell our products principally to a limited number of specialty pharmacy and specialty distributors as well as certain major wholesalers in the U.S., which account for the largest portion of our total revenues.”

Annual report 2025A · The company itself

“Table of contents We expanded our domestic infrastructure solutions manufacturing footprint in 2024 with the addition of a 215,000-square-foot facility in Pelzer, South Carolina. This facility accelerates production of modular solutions, integrated power systems and other prefabricated infrastructure, enabling customers to reduce installation time and rapidly scale deployments.”

Annual report 2025A · The company itself

“For the year ended December 31, 2025, Vertiv’s net sales was $10,229.9, of which 62% was transacted in the Americas; 20% was transacted in Asia Pacific; and 18% was transacted in Europe, Middle East & Africa.”

Annual report 2025A · The company itself

“$ Change % Change Net sales $ 6,386.3 $ 4,500.6 $ 1,885.7 41.9 % Operating profit (loss) 1,714.3 1,097.8 616.5 56.2 % Margin 26.8 % 24.4 % Americas net sales of $6,386.3 in 2025 increased $1,885.7, or 41.9%, from 2024. The increase in sales was primarily driven by higher sales volumes due to products increasing by $1,691.0 and sales of service & spares increasing by $194.7.”

Annual report 2025A · The company itself

“In the U.S., third-party payors increasingly challenge the pricing of pharmaceutical products. These trends and other trends toward managed healthcare, the vertical consolidation among insurers, PBMs and pharmacies, and legislative healthcare reform create significant uncertainties regarding the future levels of payment, price or reimbursement for pharmaceutical products.”

Annual report 2025A · The company itself

“Expansive Global Reach Viatris’ strong commercial infrastructure enables the Company to serve patients in almost every corner of the globe through retail and pharmacy establishments, wholesalers, governments, institutions, physicians and other customers. Viatris provides unique reach through four segments – Developed Markets, Emerging Markets, JANZ, and Greater China – across more than 165 countries and territories.”

Annual report 2025A · The company itself

“Genetics: Investera i framtida tillväxt Under 2024 fortsatte affärsområdet Genetics sin resa med utvalda investeringar i laborato - riekapacitet över hela världen, som ett svar på kundernas ökande användning och efterfrågan på genetiska tester. Specifikt har vi under året öppnat två helt nya och toppmoderna labora - torier: ett i Miami för att betjäna Americas och det andra i Tokyo som ska fungera som nav för genetiska tjänster i Asien-Stillahavsregionen.”

Annual report 2024A · The company itself

“Det elektroniska witnessing-systemet, kallat eWitness, visades upp vid ESHRE-kongressen i juni 2024 i Vitrolife Groups monter och lanserades officiellt i september på CE-marknader, för att sedan introduceras på USA-marknaden i november i begränsad omfattning.”

Annual report 2024A · The company itself

“En annan viktig händelse under året var lanseringen av produkten Ultra RapidWarm Blast i Japan under sommaren och i USA under hösten. Detta supersnabba uppvärmningsprotokoll är en växande trend inom fryshantering och Vitrolife Group var den första säljaren som godkändes av FDA.”

Annual report 2024A · The company itself

“Dessutom ökade vi vårt fokus på de största IVF-marknaderna i världen, USA och Kina.”

Annual report 2024A · The company itself

“Investeringar i Americas har resulterat i en accelererad tillväxt inom Consumables och Technologies, men delar av affärsområdet Genetics har haft ett utmanande år med en total tillväxt på 1 procent*.”

Annual report 2024A · The company itself

“Geografiskt har vi ökat investeringarna i USA och Kina, vilket har lett till ökade marknadsandelar genom hela vår portfölj. USA är världens största IVF-marknad i monetära termer och är en viktig tillväxtmarknad för Vitrolife Group. Vi utökar vår tillverkningskapacitet i USA för att stödja vår expansion.”

Annual report 2024A · The company itself

“Vi fokuserar även på att stärka vår närvaro på de viktigaste marknaderna, speciellt USA och Kina, och utnyttja digitalise - ringen för att stärka både interna strukturer och kundernas lösningar.”

Annual report 2024A · The company itself

“Från kromosomer till helgenomsekvensering Från invasiv till icke-invasiv genetisk testning Holistisk syn på patient och embryo Innehåll Företagsstrategi Accelerera tillväxt på nyckelmarknader Snabbare tillväxt på viktiga marknader, i synnerhet USA och Kina, är en grundbult i vår företagsstrategi.”

Annual report 2024A · The company itself

“Vitrolife Group redovisar och styr sina segment i tre geografiska segment: EMEA, Americas och APAC.”

Annual report 2024A · The company itself

“Den totala amerikanska personbilsmarknaden ökade med 4 procent och det traditionella premiumbilssegmentet ökade med 1 procent.”

Annual report 2024A · The company itself

“Produktionsstart av nya helelektriska EX90 SUV Under juni startade produktionen av EX90 i fabriken utanför Charleston, South Carolina och de första kundleveranserna skedde i slutet av året.”

Annual report 2024A · The company itself

“USA är en av världens största bilmarknader. Vår bilfabrik i South Carolina, där vi för närvarande tillverkar den nya helt elektriska EX90, gör att vi kan betjäna denna viktiga marknad och exportera till andra marknader.”

Annual report 2024A · The company itself

“In 2024, North American production reached 16 million units, a 2 percent increase over 2023.”

Annual report 2024A · The company itself

“Regarding exports, the looming risk of American tariffs on European vehicles is likely to hurt export volumes to the US.”

Annual report 2024A · The company itself

“North America, a main contributor to the auto business, delivered a 4 percent increase in volume and 6 percent price/mix, positively impacting profit margins.”

Annual report 2024A · The company itself

“The government services segment provides ocean transport of United States flag cargoes and performs global logistics services for the U.S. government.”

Annual report 2024A · The company itself

“For example, we have and continue to make significant targeted investments in entering the medium-enterprise and U.S. federal government markets and see our success in these markets as key contributors to our future growth.”

Annual report 2026A · The company itself

“As of January 31, 2026, our global workforce consisted of over 21,000 employees in 36 countries, of which approximately 58% were located in the U.S. and 42% were located internationally.”

Annual report 2026A · The company itself

“Las Vegas Las Vegas is the largest gaming market in the U.S. The Las Vegas gaming market is highly competitive and is largely dependent on tourist arrivals and meeting- and convention-related visitation.”

Annual report 2025A · The company itself

“According to the Las Vegas Convention and Visitors Authority, overall Las Vegas visitor volume was 38.5 million in 2025, a 7.5% decrease from 41.7 million in 2024; and occupancy on the Las Vegas Strip was 83.2% in 2025, compared to 86.4% in 2024.”

Annual report 2025A · The company itself

“In Las Vegas, Nevada, we operate and, with the exception of certain retail space, own 100% of Wynn Las Vegas and Encore at Wynn Las Vegas, which we also refer to as our Las Vegas Operations.”

Annual report 2025A · The company itself

“In Everett, Massachusetts, we operate Encore Boston Harbor, an integrated resort.”

Annual report 2025A · The company itself

“We are currently entirely dependent upon our Macau Operations, Las Vegas Operations and Encore Boston Harbor for all of our operating cash flow.”

Annual report 2025A · The company itself

“Vidare skickade vi åter in ansökan om marknadsgodkännande till FDA i december 2024. Vi förväntar oss att FDA fastställer ett BsUFA-datum i april 2025, även om det råder osäkerhet kring huruvida en återinspektion av produktionsanläggningen kommer att krävas. Vår förhoppning är att erhålla ett godkännande under mitten av året och kommer att uppdatera marknaden i april, då vi förväntar oss mer klarhet i frågan.”

Annual report 2024A · The company itself

“Valorum kommer ansvara för försäljning, marknadsföring och alla andra kommersialiseringsinsatser i USA efter regulatoriskt godkännande av produkten, som förväntas marknadsföras under varumärket Lucamzi™. Valorum kommer att betala en licensavgift på upp till 45 miljoner USD, fördelat mellan förskottsbetalning, regulatoriska och försäljningsrelaterade milstolpar, samt royalties på nettoförsäljningen. Ersättningen kommer att delas lika av STADA och Xbrane.”

Annual report 2024A · The company itself

“Food and Drug Administration) skickat ett CRL (Complete Response Letter) som svar på Xbranes ansökan om marknadsgodkännande för sin ranibizumab biosimilarkandidat (under utvecklingsnamn Xlucane) för behandling av ögonsjukdomar. Xbrane kommer att arbeta nära FDA för att så snabbt som möjligt lämna in svar på de frågor som tagits upp, vilka främst relaterar till referensstandarden och genomförda inspektioner av Xbranes partners produktionsanläggningar.”

Annual report 2024A · The company itself

“för den amerikanska marknaden I maj offentliggjordes att Xbrane och STADA har ingått ett licensavtal för de amerikanska kommersiella rättigheterna till biosimilarkandidaten för ranibizumab med Valorum, en specialist inom kommersialisering av biosimilarer som grundats av namnkunniga industripersoner med ett gediget track record av försäljning och marknadsföring av biosimilarer i USA. Valorum kommer tillföra ovärderlig erfarenhet och väletablerade nätverk på den amerikanska läkemedelsmarknaden. Valorum kommer ansvara för försäljning, marknadsföring och alla andra kommersialiseringsinsatser i USA efter regulatoriskt godkännande av produkten, som förväntas marknadsföras under varumärket Lucamzi™.”

Annual report 2024A · The company itself

“We continue maturing the announced large-scale low-carbon ammonia projects in the US. These projects have a strong strategic fit and strong potential returns as they allow us to diversify our energy position, strengthen our European premium production footprint through imports of low-carbon ammonia and participate in new ammonia markets including shipping, power generation, and as an energy carrier.”

Annual report 2024A · The company itself

“Yara’s revenues from imports into the US are currently less than 2 percent of total revenues.”

Annual report 2024A · The company itself

“From 2024, the segment also includes Yara’s share of the two ammonia plants Tringen and Yara Freeport.”

Annual report 2024A · The company itself

“Table of Contents Resources Human Capital: On December 31, 2025, the Company employed approximately 60,500 people (full-time equivalents), with approximately 22,500 employed in the United States and 38,000 employed internationally.”

Annual report 2025A · The company itself

“During 2025, the Company derived approximately 56 percent of its revenues from outside the United States.”

Annual report 2025A · The company itself

“The Business disaggregates revenue by geographical location of customers, primarily between the United States and Europe, as these regions represent the principal markets in which the Business operates and reflect differing economic and regulatory environments.”

Annual report 2025A · The company itself

“Business, Operational, and Strategic Risks ■We sell our products and operate outside the U.S., and to a lesser extent, rely on imports and exports, which may present additional risks to our business Approximately 31 percent of our sales in 2025 were attributable to products sold outside of the U.S., primarily in China and Canada, and to a lesser extent in India and Europe.”

Annual report 2025A · The company itself

“North America Segment Years ended December 31 (dollars in millions) 2025 2024 Net Sales $ 2,984.2 $ 2,950.1 Segment Earnings 727.9 707.5 Segment Margin 24.4 % 24.0 % Sales in our North America segment were $2,984.2 million in 2025, or $34.1 million higher than sales of $2,950.1 million in 2024. Our net sales increase in 2025 was driven by pricing actions and higher commercial water heater and boiler volumes, which were partially offset by lower residential water heater volumes and unfavorable currency translation of approximately $6 million.”

Annual report 2025A · The company itself

“North America -1 ... import demand growth turned negative, leading to a full year growth rate of -1% for the region”

Annual report 2025B · From the report

“In the first quarter, global container demand grew with support from all major import markets, including North America. From the second quarter, North America import demand growth turned negative, leading to a full year growth rate of -1% for the region.”

Annual report 2025A · The company itself

“Volume grew by 8.9% supported by strong demand across all portfolios, mostly in the Americas and Europe.”

Annual report 2025A · The company itself

“Net revenues outside of the United States made up approximately 24% of AbbVie's total net revenues in 2025.”

Annual report 2025A · The company itself

“Fiscal 2025 Highlights We serve clients and manage our business through three geographic markets: Americas, EMEA (Europe, Middle East and Africa) and Asia Pacific. These markets bring together all of our Reinvention Services with both local and global talent and solutions.”

Annual report 2025A · The company itself

“We serve clients in three geographic markets: the Americas, EMEA (Europe, Middle East and Africa) and Asia Pacific.”

Annual report 2025A · The company itself

“Geographic Markets The following revenues commentary discusses the primary drivers of local currency revenue changes by geographic market for fiscal 2025 compared to fiscal 2024: •Americas revenues increased 9% in local currency, led by growth in Banking & Capital Markets, Industrials and Software & Platforms.”

Annual report 2025A · The company itself

“Försäljningen av egna avancerade instrument hade en stark tillväxt i USA, Europa och Kina.”

Annual report 2023A · The company itself

“We derive a large portion of our total revenue from, and have significant operations, outside of the United States.”

Annual report 2025A · The company itself

“Our corporate headquarters, significant research and development activity, certain of our data centers and other critical business operations are in the San Francisco Bay Area and the Salt Lake Valley Area, both of which are near major earthquake faults.”

Annual report 2025A · The company itself

“Geographical Information (dollars in millions) 2025 2024 2023 % Change 2025-2024 Americas $ 14,120 $ 12,891 $ 11,654 10 % % Percentage of total revenue 59 % % 60 % % 60 % % EMEA 6,289 5,554 4,881 13 % % Percentage of total revenue 27 % % 26 % % 25 % % APAC 3,360 3,060 2,874 10 % % Percentage of total revenue 14 % % 14 % % 15 % % Total revenue $ 23,769 $ 21,505 $ 19,409 11 % % Overall revenue during fiscal 2025 increased in all geographic regions as compared to fiscal 2024.”

Annual report 2025A · The company itself

“International sales, as a percent of net revenue, were 67% for the year ended December 27, 2025.”

Annual report 2025A · The company itself

“Geografiskt sett har AFRY en stark position i Norden och ledande positioner inom globala segment med projekt i fler än 100 länder.”

Annual report 2024A · The company itself

“In fiscal year 2025, approximately 60% of our sales were derived from customers outside the United States and many of our operations, suppliers, customers, and employees are located outside the United States.”

Annual report 2025A · The company itself

“Table of Contents DISCUSSION OF RESULTS BY BUSINESS SEGMENT Americas GAAP Measures Sales $5,125.9 $5,040.1 $85.8 2% Operating income 1,519.6 1,565.1 (45.5) (3%) Operating margin 29.6 % 31.1 % (150 bp) Equity affiliates’ income $157.0 $158.8 ($1.8) (1%) Non-GAAP Measure Adjusted EBITDA 2,408.7 2,423.2 (14.5) (1%) The table below summarizes the major factors that impacted sales in the Americas segment for the periods presented: Volume (3 %) Price 2 % Energy cost pass-through to customers 4 % Currency (1 %) Total Americas Sales Change 2 % Sales of $5.1 billion increased 2%, or $85.8, as higher energy cost pass-through to customers of 4% and higher pricing of 2% were partially offset by lower volumes of 3% and an unfavorable currency impact of 1%.”

Annual report 2025A · The company itself

“We operate a global marketplace connecting guests with stays, experiences, and services, collectively in over 220 countries and regions. For the year ended December 31, 2025, 61% of our revenue was generated from listings outside of the United States.”

Annual report 2025A · The company itself

“A significant portion of our hiring, new customers and revenue growth in recent years has been attributable to our business outside the U.S.”

Annual report 2025A · The company itself

“Cognite har hovedkontor i USA og kontorer i Japan, Norge og India.”

Annual report 2024A · The company itself

“Aker Solutions is currently working on several milestone projects, particularly within HVDC converter platforms to the UK and US markets.”

Annual report 2024A · The company itself

“The US print business continues to develop strongly and generate solid profits”

Annual report 2025A · The company itself

“Fibertex Personal Care is headquartered in Aalborg, Denmark and operates large nonwovens manufacturing facilities in Denmark and Malaysia and printing facilities in Germany, and the USA.”

Annual report 2025A · The company itself

“The drop in EBITDA was mainly caused by lower volumes of nonwovens sold from the site in Denmark and printed materials from the site in the USA.”

Annual report 2025A · The company itself

“In North America, demand for printed nonwovens and printing on technically challenging substrates, including film-based materials, remains robust. The printing facility in Asheboro, North Carolina, has operated at full capacity, and several new customer projects were initiated during the year.”

Annual report 2025A · The company itself

“Fibertex Nonwovens is headquartered in Aalborg, Denmark, and operates production facilities in Denmark, France, Czechia, Türkiye, the USA, South Africa, and Brazil.”

Annual report 2025A · The company itself

“Compared to Q4 2024, increased sales of wipes and other products in the USA, enabled by the spunlacing production line recently installed at the company’s site in Greenville, South Carolina, outweighed a decline in sales to other segments.”

Annual report 2025A · The company itself

“Following the recent installation and commissioning of new production capacity and advanced technologies, Fibertex Nonwovens expects sound and profitable growth across most market segments in the coming years.”

Annual report 2025A · The company itself

“We conduct a substantial portion of our business outside the U.S., with approximately 83% of our net sales to foreign countries.”

Annual report 2025A · The company itself

“We operate in, and/or sell our products to customers in, approximately 70 countries.”

Annual report 2025A · The company itself

“Segment information As of December 31, 2025, our operating segments consist of the following geographic markets: Greater Boston, San Francisco Bay Area, San Diego, Seattle, Maryland, Research Triangle, New York City, and Texas.”

Annual report 2025A · The company itself

“We have certain ownership interests outside the U.S. that may subject us to risks different from or greater than those associated with our domestic operations. We have a small portfolio of operating properties in Canada.”

Annual report 2025A · The company itself

“The reduced attractiveness of the U.S. as a destination for research and commercialization could lead to a substantial long-term decline in the size of our life science tenant base and of life science real estate.”

Annual report 2025A · The company itself

“Locations of properties Our properties are strategically located in AAA life science innovation cluster markets.”

Annual report 2025A · The company itself

“PROPERTIES General As of December 31, 2025, we had 340 properties in North America consisting of approximately 39.4 million RSF of operating properties and new Class A/A+ development and redevelopment properties under construction, including 47 properties that are held by consolidated real estate joint ventures and three properties that are held by unconsolidated real estate joint ventures.”

Annual report 2025A · The company itself

“Of these 31 properties, we held eight properties in the Greater Boston market, 19 properties in the San Francisco Bay Area market, one property in the Seattle market, one property in the Maryland market, and two properties in the New York City market.”

Annual report 2025A · The company itself

“The iTero Element 5D imaging system is available in the United States, Canada, China, and the majority of EMEA and select APAC and LATAM countries and is pending regulatory approval in others.”

Annual report 2025A · The company itself

“Manufacturing and Suppliers We have regional fabrication facilities in our main markets for clear aligners, which are located in Juarez, Mexico; Ziyang, China; and Wroclaw, Poland.”

Annual report 2025A · The company itself

“A significant portion of the products we sell, and the components and raw materials used in our products are originally manufactured or sourced outside the United States. For example, we manufacture clear aligners in our facility in Mexico and ship them to the United States, primarily for our United States customers, with the remainder eventually shipped to other international locations.”

Annual report 2025A · The company itself

“As of December 31, 2025, the significant facilities occupied were as follows: Location Lease/Own Primary Use Tempe, Arizona, U.S.A. Lease Office for corporate headquarters San Jose, California, U.S.A. Own Office for research & development and administrative personnel Raleigh, North Carolina, U.S.A. Own Office for Americas regional headquarters Belen, Heredia, Costa Rica Own Office for administrative personnel, treatment personnel, and customer care La Lima, Cartago, Costa Rica Own Office for administrative personnel, treatment personnel, and customer care Wroclaw, Poland Lease and Own Manufacturing and office for treatment and administrative personnel Petah Tikva, Israel Lease and Own Manufacturing and office for research & development and administrative personnel Rotkreuz, Switzerland Lease Office for EMEA regional headquarters Juarez, Mexico Own Manufacturing and office for administrative personnel Guoco Midtown, Singapore Lease Office for APAC regional headquarters Ziyang, China Own Manufacturing and office for administrative personnel We believe our existing facilities are in good operating condition and are suitable for the conduct of our business.”

Annual report 2025A · The company itself

“Approximately 25% of our 2025 Net revenues were derived outside the U.S., and we expect sales to non-U.S. customers to continue to represent a significant portion of our consolidated Net revenues.”

Annual report 2025A · The company itself

“Production and Distribution We manufacture products in several geographic markets around the world. We operate 37 principal production and assembly facilities – 22 in our Allegion Americas segment and 15 in our Allegion International segment. Our strategy is to produce in the region of use, wherever appropriate, to allow us to be closer to the end-user and increase efficiency and timely product delivery.”

Annual report 2025A · The company itself

“Much of our U.S. based residential portfolio is manufactured in the Baja region of Mexico under the Maquiladora, 9 Table of Contents Manufacturing and Export Services Industry ("IMMEX") program. In managing our network of production and assembly facilities, we focus on continuous improvement in customer experience, employee health and safety, productivity, resource utilization and operational excellence.”

Annual report 2025A · The company itself

“Personal lines insurance Private passenger auto insurance Homeowners insurance Geographic markets We primarily operate in the U.S. (all 50 states and D.C.) and Canada. Our top geographic markets based on 2025 statutory direct premiums are reflected below.”

Annual report 2025A · The company itself

“International revenues accounted for approximately 52% of consolidated revenues in 2025.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“North America 3,051 50%”

Annual report 2025B · From the report

“Revenue by geography Europe Rest of World Endoscopy Anesthesia & Solutions revenue growth, % Patient Monitoring revenue growth, % 40% 10% North America 15.4 9.9 50% Global employee turnover (voluntary), % Global employee engagement survey participation, % 12 92 2023/24: 20% 2023/24: 86% Revenue by business Frost & Sullivan 2025 Best Practices Recognition • • 2025 Endoscopy Solutions Anesthesia & Patient Monitoring technology innovation leader 60% 40% Annual Report 2024/25 * This page contains CSRD-compliant text and refers to SBM-1.”

Annual report 2025A · The company itself

“We fortified our sustainability leadership position with the launch of the world’s first endoscope recycling initiative, the Ambu® Recircle Program, in 25+ hospitals across the U.S., the UK, Germany, and France.”

Annual report 2025A · The company itself

“Ballerup, Denmark Noblesville, USA Our global footprint includes three key innova- Augsburg, Germany tion centers in Denmark, Germany, and Malaysia, and four manufacturing sites located in the U.S., Mexico, Malaysia, and China. This global set-up supports scalability, resilience, fast execution, and reliable delivery, even as external market conditions evolve.”

Annual report 2025A · The company itself

“We work with a broad network of suppliers across key geographies, including Europe, North America, and Asia. A significant portion of our procurement spend and supplier relationships is concentrated in these regions.”

Annual report 2025A · The company itself

“Ambu’s business model relies on sustainable operations across our production sites, sales offices, headquarters, and innovation centers in Europe, North America, and Asia.”

Annual report 2025A · The company itself

“Sales offices and plants are located primarily throughout Europe, North America, Latin America, and the Asia-Pacific regions to 7 provide prompt and economical service to thousands of customers.”

Annual report 2026A · The company itself

“Union Electric Company is an Ameren Corporation subsidiary that operates a rate-regulated electric generation, transmission, and distribution business and a rate-regulated natural gas distribution business in Missouri, doing business as Ameren Missouri.”

Annual report 2025A · The company itself

“The service areas of AEP’s public utility subsidiaries cover portions of the states of Arkansas, Indiana, Kentucky, Louisiana, Michigan, Ohio, Oklahoma, Tennessee, Texas, Virginia and West Virginia.”

Annual report 2025A · The company itself

“Indiana I&M provides retail electric service in Indiana at fully bundled rates approved by the IURC with rates set on a forecasted cost-of-service basis. Indiana allows for timely recovery of fuel expenses through a fuel recovery surcharge mechanism and has approved additional recovery mechanisms associated with purchase power capacity, transmission and certain generation and environmental-related costs.”

Annual report 2025A · The company itself

“Michigan I&M provides retail electric service in Michigan at both unbundled standard service and open access distribution service rates approved by the MPSC, with rates set on a forecasted cost-of-service basis.”

Annual report 2025A · The company itself

“Oklahoma PSO provides retail electric service in Oklahoma at bundled rates approved by the OCC with rates set on a historical cost-of-service basis.”

Annual report 2025A · The company itself

“Tennessee KGPCo currently provides retail electric service in Tennessee at bundled rates approved by the TPUC with rates set on a historical cost-of-service basis.”

Annual report 2025A · The company itself

“Texas SWEPCo provides retail electric service in Texas at bundled rates approved by the PUCT with rates set on a historical cost-of-service basis.”

Annual report 2025A · The company itself

“Virginia APCo currently provides retail electric service in Virginia at unbundled generation and distribution rates approved by the Virginia SCC with rates set on a historical cost-of-service basis.”

Annual report 2025A · The company itself

“West Virginia APCo and WPCo provide retail electric service at bundled rates approved by the WVPSC with rates set on a combined APCo and WPCo historical cost-of-service basis.”

Annual report 2025A · The company itself

“Investment Management Capabilities and Products Our investment management business has a presence in 16 key markets globally, including France, Germany, Luxembourg, the Netherlands, Singapore, the U.K. and the U.S.”

Annual report 2025A · The company itself

“We have expanded beyond our traditional strengths in the U.S. and the United Kingdom (“U.K.”) to serve more clients and gather assets worldwide.”

Annual report 2025A · The company itself

“Risks Related to Operations •We perform a substantial majority of our commercial manufacturing activities at our facility in the U.S. territory of Puerto Rico and a substantial majority of our clinical manufacturing activities at our facility in Thousand Oaks, California; significant disruptions or production failures at these facilities could significantly impair our ability to supply our products or continue our clinical trials. •We rely on third-party suppliers for certain of our raw materials, medical devices and components. •Manufacturing difficulties, disruptions or delays could limit supply of our products and limit our product sales. •Our business and operations may be negatively affected by the failure, or perceived failure, of achieving our sustainability objectives. •The effects of global climate change and related natural disasters could negatively affect our business and operations.”

Annual report 2025A · The company itself

“Anoto har betydande valutaflöden i USD, EUR, GBP och KRW eftersom större delen av faktureringen sker i dessa valutor.”

Annual report 2024A · The company itself

“Organic revenue growth was 6% in 2025, reflecting strong growth in North America and EMEA, driven by net new business and ongoing strong retention. Performance was highlighted by strong growth in U.S. core P&C and double-digit increases in M&A services and construction.”

Annual report 2025A · The company itself

“Outside of the U.S., our subsidiaries and the funds that we manage, including Apollo Management International LLP, Apollo Credit Management International Limited, Apollo Asset Management Europe LLP, Apollo Investment Management Europe LLP, Apollo Investment Management Europe (Luxembourg) S.à r.l., Apollo Capital Solutions Europe B.V., Apollo Advisors (Mauritius) Ltd, AION Capital Management Limited, Apollo Management Singapore Pte. Ltd., Apollo Management Asia Pacific Limited and Apollo Management Japan Limited, are subject to regulation in the European Union, the Abu Dhabi Global Market, the U.K., India, Mauritius, Singapore, Australia, Hong Kong and Japan.”

Annual report 2025A · The company itself

“Operations We have offices and conduct business throughout the world and are continuing to expand into foreign markets. Our fund investments and our revenues are primarily derived from our U.S. operations.”

Annual report 2025A · The company itself

“Geographic Information The Company conducts its asset management business primarily in the U.S. with domestically generated revenues making up 63%, 58% and 66% of total asset management GAAP revenues for the years ended December 31, 2025, 2024 and 2023, respectively. The table below presents the percentage of total asset management GAAP revenues attributed to the Company’s region of domicile and attributed to all foreign regions which the Company derives its revenues.”

Annual report 2025A · The company itself

“Years ended December 31, 2025 2024 2023 Asset Management Americas 86 % 88 % 91 % Europe, Middle East and Africa 13 11 8 Asia-Pacific 1 1 1 100 % 100 % 100 % The Company conducts its retirement services business through entities domiciled in the U.S. and Bermuda and its retirement services GAAP revenues are similarly generated primarily in the U.S. and Bermuda.”

Annual report 2025A · The company itself

“We utilize a distributed manufacturing model under which manufacturing and supply chain activities are conducted in various countries, including United States, Singapore, Japan, China, Korea, Taiwan, Israel and other countries in Asia and Europe.”

Annual report 2025A · The company itself

“Our product development and engineering, and process support are performed primarily in the United States, India and Israel. Our customer demonstrations are performed primarily in the United States, China, Taiwan, Israel and South Korea.”

Annual report 2025A · The company itself

“Geographically, Europe represented the largest market with 71% of total sales while North America contributed about 26% and Asia Pacific about 2.7%.”

Annual report 2024A · The company itself

“Slowdown from two major accounts represented significant headwinds in 2024, which were partially offset by sales growth in other accounts as well as growth in the overall customer base. Geographically, North America represented the largest market with close to 64% of total sales while Europe contributed about 28%.”

Annual report 2024A · The company itself

“As ArcticZymes is a global supplier of enzymes, most of the sales and marketing team are located remotely in Central Europe, North-America and Japan.”

Annual report 2024A · The company itself

“Much of the annual growth in sales is through a combination of: • Improving sales coverage in key markets. • Entering the market for GMP-compliant products. • Increasing the customer base. • Expanding the product range with market-driven, innovative product introductions. • Serving two attractive and growing markets: molecular tools and biomanufacturing. • Expanding geographical reach through partnerships. ArcticZymes has local business development and customer support representatives in Europe, North America, Japan, and China to assist with global business coverage.”

Annual report 2024A · The company itself

“Business Overview Ares is a leading global alternative investment manager with $622.5 billion of assets under management and over 4,250 employees in over 55 offices in more than 25 countries.”

Annual report 2025A · The company itself

“Direct Lending: Our U.S. direct lending team is comprised of over 225 investment professionals that cover more than 520 financial sponsors and provide a wide range of financing solutions to middle market companies that typically range from $10 million to over $500 million in earnings before interest, tax, depreciation and amortization (“EBITDA”). As of December 31, 2025, our U.S. direct lending team and its affiliates managed $189.6 billion of AUM in approximately 90 funds and investment vehicles.”

Annual report 2025A · The company itself

“Real Estate: Our real estate strategy encompasses equity and debt across core, value-add and opportunistic investments in predominantly the Americas, Europe and APAC. We provide investors access to our real estate investment capabilities through private commingled vehicles, SMAs, publicly-traded funds and perpetual wealth vehicles.”

Annual report 2025A · The company itself

“Our vertically-integrated operating teams are strategically located across the Americas, Europe and APAC in our key target markets, to invest in core, value-add, and development opportunities that are accretive to our portfolios and drive returns for our investors.”

Annual report 2025A · The company itself

“Corporate Private Equity: Our team consists of over 45 investment professionals based primarily in Los Angeles and London. Our private equity funds are leaders in the Americas and European middle market, where they focus on growth buyout transactions.”

Annual report 2025A · The company itself

“Our U.S. and European direct lending strategies rank among the largest in their respective markets, supported by investment committee members who average decades of experience.”

Annual report 2025A · The company itself

“As of December 31, 2025, our total AUM was divided by channel, and further our institutional direct AUM by client type and geographic origin as follows ($ in billions): Institutional Direct Perpetual Wealth Vehicles Publicly-Traded Vehicles Pension Insurance Bank Americas APAC Europe Institutional Intermediaries Sovereign Wealth Fund Investment Manager High Net Worth and Private Bank Middle East & Africa Other The following chart presents the AUM of investors committed to more than one of our funds as of December 31, 2025 compared to December 31, 2020 ($ in billions): We believe that the AUM of multi-fund investors demonstrates our investors’ satisfaction with our performance, disciplined management of their capital and diverse product offering.”

Annual report 2025A · The company itself

“Our ability to grow our business and our future success will depend to a significant extent on our ability to expand our operations and customer base worldwide.”

Annual report 2025A · The company itself

“Koncernens största marknader är USA, Storbritannien, Frankrike, Kanada och Tyskland.”

Annual report 2024A · The company itself

“Arjos segment Nordamerika består av USA och Kanada. I Nordamerika fortsatte tillväxten under 2024.”

Annual report 2024A · The company itself

“Arjos försäljning sker via egna bolag och distributörer till kunder i över 100 länder.”

Annual report 2024A · The company itself

“Divided by region, Norway stands for NOK 402 million (360 million), Europe NOK 155 million (173 million), and NOK 18 million (39 million) from America.”

Annual report 2024A · The company itself

“Our brokerage segment operates through a network of more than 650 sales and service offices located throughout the U.S. and approximately 400 sales and service offices in 5 Table of Contents approximately 60 countries, most of which are in the Australia, Canada, New Zealand and the U.K.”

Annual report 2025A · The company itself

“Gallagher & Co., a global insurance brokerage, risk management and consulting services firm, is headquartered in Rolling Meadows, Illinois. The Company provides these services in approximately 130 countries around the world through its owned operations and a network of correspondent brokers and consultants.”

Annual report 2025A · The company itself

“INTEGRITET Vi bygger en kraftfull relation med ömsesidig respekt och följer de höga etiska standarderna i vår bransch. vår BAS Vårt huvudkontor ligger i Malmö och vår bas i USA är i Woodbridge, New Jersey.”

Annual report 2024A · The company itself

“Europa Japan Övriga länder USA “ Vår kommersialiseringsstrategi är att lansera med partners med ambitionen att säkerställa den optimala balansen mellan framtida intäkter och investeringsbehov.”

Annual report 2024A · The company itself

“In the US, we had overall growth of 8%, with Product Sales of $23.4 billion, reflecting continued momentum across the Oncology portfolio.”

Annual report 2025A · The company itself

“Under Mr Soriot’s leadership, AstraZeneca delivered more medicines to patients around the world in 2025 than ever before, reflected in Total Revenue for the year increasing by 9% to $58.7 billion. Under Mr Soriot’s leadership in 2025, significant progress has been made with transformative modalities which will drive Ambition 2030.”

Annual report 2025A · The company itself

“We provide integrated services to diverse groups of customers in the United States. on a converged telecommunications network utilizing different technological platforms.”

Annual report 2025A · The company itself

“Fish processed from the Miami Bluehouse is transported via ground freight to most states within the US.”

Annual report 2024A · The company itself

“Salmon Market Outlook US consumption of fresh, farmed Atlantic salmon continues to increase higher than the single-digit global supply growth of farmed Atlantic salmon, highlighting the relative attractiveness of the US salmon market. With the Group’s offtake focused on the North American market, it is ideally positioned to take advantage of the strong growth in demand that is expected to continue, while also offering a product with a lower carbon footprint and lower logistical cost thanks to the avoidance of airfreight.”

Annual report 2024A · The company itself

“Division Service Areas Communities Served Customer Meters Mid-Tex Texas, including the Dallas/Fort Worth Metroplex 550 1,830,387 Kentucky/Mid-States Kentucky 220 176,494 Tennessee 163,667 Virginia 23,836 Louisiana Louisiana 270 360,589 West Texas Amarillo, Lubbock, Midland 80 316,036 Mississippi Mississippi 110 249,562 Colorado-Kansas Colorado 170 130,890 Kansas 140,542 We operate in our service areas under terms of non-exclusive franchise agreements granted by the various cities and towns that we serve.”

Annual report 2025A · The company itself

“The concentration of our operations in the State of Texas exposes our operations and financial results to economic conditions, weather patterns, and regulatory decisions in Texas. Approximately 75 percent of our consolidated operations are located in the State of Texas. This concentration of our business in Texas means that our operations and financial results may be significantly affected by changes in the Texas economy in general, weather patterns, and regulatory decisions by state and local regulatory authorities in Texas.”

Annual report 2025A · The company itself

“Regulation Our distribution and pipeline and storage operations are subject to regulation with respect to rates, service, maintenance of accounting records, and various other matters by the respective regulatory authorities in the states in which we operate, which creates regulatory assets and liabilities that are recovered from or refunded to customers over time through the ratemaking process.”

Annual report 2025A · The company itself

“International net revenue represented 64% of our net revenue for both fiscal 2026 and 2025.”

Annual report 2026A · The company itself

“The LVP decline in North America LVP was mainly driven by vehicle inventory corrections.”

Annual report 2024A · The company itself

“U.S.-based brands (including Chrysler and new EV OEMs) accounted for 21%.The fastest growing customer in 2024 was Geely followed by Mercedes and Renault.”

Annual report 2024A · The company itself

“The U.S. based OEMs (including Chrysler and new EV manufactures) accounted for 21% of the Company's global sales in 2024.”

Annual report 2024A · The company itself

“Rest of World 3% Rest of Europe 7% United Kingdom 10% Sweden 33% United States 47% and operational efficiencies.”

Annual report 2024A · The company itself

“NET SALES BY REGION (Dollars in millions) 2024 2023 2022 China $ 2,010 $ 2,105 $ 1,883 Asia, excl. China 2,010 1,968 1,638 Americas 3,424 3,526 2,967 Europe 2,946 2,877 2,355 Total $ 10,390 $ 10,475 $ 8,842 The Company has attributed net sales to the geographic area based on the location of the entity selling the final product.”

Annual report 2024A · The company itself

“The breakdown of AutoStore’s revenue in 2022 shows that 59.1% stems from the EMEA region, 31.4% from NAM and 9.5% from APAC.”

Annual report 2022A · The company itself

“We also secured 91% year-on-year revenue growth in NAM and reached over 230 systems sold in total in 2022. – Increasing offerings through M&A: AutoStore continu - ously evaluates potential targets and opportunities to expand or enhance its offering, without compromising the existing disciplined and opportunistic approach.”

Annual report 2022A · The company itself

“Revenues in the Europe, Middle East and Africa (EMEA) region increased from USD 209.3 million in 2021 to USD 344.8 million in 2022, equating to annual growth of 64.8%. The group continued to expand in North America, improving revenues to USD 183.1 million (2021: USD 95.7 million), corresponding to year-on-year growth of 91.3%. Revenues in the Asia-Pacific (APAC) region grew by 146% to USD 55.6 million, from USD 22.6 million in 2021.”

Annual report 2022A · The company itself

“We began operations in 1979 and at August 30, 2025, operated 6,627 stores in the United States (“U.S.”), 883 stores in Mexico and 147 stores in Brazil.”

Annual report 2025A · The company itself

“Via plattformen går det att handla aktier i Norden, på de stora börserna i Europa, och i USA och Kanada. De flesta övriga marknader kan man handla på via mäklare.”

Annual report 2024A · The company itself

“In 2025, approximately 69% of our net sales originated outside the U.S.”

Annual report 2025A · The company itself

“We derived approximately 53 percent of our consolidated net sales from outside of the U.S. for the year ended December 31, 2025.”

Annual report 2025A · The company itself

“Americas DKK 284m Revenue -3.3%”

Annual report 2026A · The company itself

“In the Americas, we opened our largest flagship store to date in San Francisco in December 2025, featuring the Culture Store concept and spanning 346 m² of retail space. The store was the first of three planned openings in California, and was followed by the opening of our West Hollywood flagship in Los Angeles in May 2026, while the Palo Alto store is expected to open in the first half of 2026/27.”

Annual report 2026A · The company itself

“We own or lease approximately 62.9 million square feet in over 19,600 facilities and ATM locations globally, including approximately 56.9 million square feet in the U.S. (all 50 states and the District of Columbia, the U.S. Virgin Islands, Puerto Rico and Guam) and approximately six million square feet in more than 35 countries.”

Annual report 2025A · The company itself

“Our market position remained strong, with the U.S. and Germany market shares of 78% in 2025”

Annual report 2025A · The company itself

“We have since taken it through regulatory development, established commercial manufacturing and developed global marketing plans and more, representing the first fullscale launch of a product ever for Bavarian Nordic. Upon approval in the U.S. and Europe in early 2025, we launched Vimkunya ® in 12 markets before the end of the year.”

Annual report 2025A · The company itself

“Our markets ● Our offices Bavarian Nordic at a glance >1,800 Employees USA Clinical Regulatory Commercial Germany R&D Commercial Switzerland Manufacturing Commercial Denmark Headquarters Manufacturing Public Preparedness A preferred supplier of mpox and smallpox vaccines to governments for public health preparedness Travel Health A leading commercialized portfolio of travel vaccines 10 Bavarian Nordic Annual Report 2025 2025 in brief Business and strategy Performance Corporate information Bavarian Nordic at a glance Our purpose and commitment Strategic priorities Our purpose and commitment Protecting and saving lives is at the heart of what we do.”

Annual report 2025A · The company itself

“In 2025, we continued to demonstrate a very strong performance for our rabies vaccine in key markets, the U.S. and Germany, and for the TBE vaccine in Germany, demonstrating significant growth.”

Annual report 2025A · The company itself

“Key growth drivers in Travel Health: Organic growth in key markets expected to continue Maintain focus on brand performance for key products (rabies and TBE) to drive increased market shares Leverage our expanded market presence in Canada, the UK and Southern Europe Continue launch of chikungunya vaccine in new markets 10-12% CAGR 2025-2027E Bavarian Nordic Annual Report 2025 13 2025 in brief Business and strategy Performance Corporate information Bavarian Nordic at a glance Our purpose and commitment Strategic priorities Expanding the Public Preparedness base business For nearly two decades, we have been a trusted partner to governments on their smallpox preparedness with the U.S. and Canada as key customers, and we have continued to build and strengthen our partnerships, also with other countries in response to recent mpox outbreaks.”

Annual report 2025A · The company itself

“Canada & EU Additional framework contracts aimed at long-term stockpiling Expansion of the customer base Private market in the U.S. and Germany One product, dual purpose JYNNEOS (also marketed as IMVANEX or IMVAMUNE) is indicated for both smallpox and mpox, serving different purposes for our customers, primarily governments and governmental organizations worldwide, but also including private markets in the US and Germany: Long-term stockpiling for public preparedness (smallpox) Public health preparedness and response during outbreaks (mpox) 14 Bavarian Nordic Annual Report 2025 2025 in brief Business and strategy Performance Corporate information Bavarian Nordic at a glance Our purpose and commitment Strategic priorities Business development and M&A to drive further commercial expansion The rabies and TBE vaccine acquired from GSK in 2020 continue to form the backbone of Travel Health, driving growth year-over-year.”

Annual report 2025A · The company itself

“Travel Health Rabipur/RabAvert Rabipur/RabAvert sales increased by 34% to DKK 1,817 million (2024: DKK 1,352 million), driven by continued market growth in both Germany (48%) and the U.S.”

Annual report 2025A · The company itself

“Our market position remained strong, with the U.S. and Germany market shares of 78% in 2025 versus 76% prior year and 97% in 2025 versus 91% prior year, respectively.”

Annual report 2025A · The company itself

“The performance was driven by the U.S. and Germany that were the first markets where the product was launched.”

Annual report 2025A · The company itself

“Our focus is primarily on the U.S. market which represents ~60% of the product’s total revenue.”

Annual report 2025A · The company itself

“Our focus is on the U.S. and European markets.”

Annual report 2025A · The company itself

“Även USA är numera en viktig marknad, både inom generell industri och specifikt inom medicinteknik.”

Annual report 2024A · The company itself

“I Storbritannien förvärvades Clifford Spring, ett nischat bolag inom ett högintressant produktområde.”

Annual report 2024A · The company itself

“Norden och Europa har historiskt varit de främsta förvärvsmarknaderna. Under de senaste åren har Nordamerika blivit ett strategiskt område för Lesjöfors.”

Annual report 2024A · The company itself

“Lesjöfors har förvärvat företaget som levererar fjädrar till framför allt tätnings- och ventilindustrin i Storbritannien, övriga Europa och USA.”

Annual report 2024A · The company itself

“Samtidigt görs nya satsningar vid Alcomex fabrik i Indien, främst i produktion för att möta efterfrågeökningen på dörrfjädrar i USA.”

Annual report 2024A · The company itself

“Webbshopen rullas ut i flera steg, med början i Sverige för att fortsätta i Europa, USA och Asien.”

Annual report 2024A · The company itself

“Till bilden hör också att vår intjäning breddats, exempelvis till Nordamerika där vi nära nog har en miljardaffär.”

Annual report 2024A · The company itself

“Merparten av produkterna säljs i Europa, men företaget exporterar också till marknader som Japan och Nordamerika.”

Annual report 2024A · The company itself

“Segments and Geographic Areas We have two reportable segments: Domestic and International.”

Annual report 2026A · The company itself

“At the beginning of the year, Better Collective communicated an expectation of generating approximately 10- 15 mEUR in clean revenue share from the North American market in 2025. Of the 22 mEUR reported for the year, 17 mEUR represented pure revenue share – and even more in constant currencies - thereby exceeding the communicated expectations and underscoring the continued maturation of the revenue share model in the region.”

Annual report 2025A · The company itself

“On February 2, 2026, Better Collective officially launched FanReach in the US, offering brands a unified, privacy-first platform that currently reaches over 50 million highly engaged sports fans through first- and zero-party data, AI-driven insights, and a scalable fan graph across its media brands and channels. With Fan- Reach, Better Collective now operates the only openend ecosystem at scale in the US, built primarily on authenticated first-party data, supplemented by zeroparty data collected directly from its owned media brands and products.”

Annual report 2025A · The company itself

“The continued growth of recurring revenues, driven by the expansion of revenue share across both North America and South America, supports a more predictable and resilient business model.”

Annual report 2025A · The company itself

“Our geographic revenue split remains broadly diversified: North America continues to grow through the expansion of recurring revenue, while Europe & ROW remain key contributors to audience scale and monetization.”

Annual report 2025A · The company itself

“BICOs affärsmodell omfattar hela värdekedjan från kundcentrerad FoU och tillverkning till försäljning och distribution av koncernens erbjudande genom våra nordamerikanska, europeiska och asiatiska försäljningsorganisationer samt genom ett omfattande distributörsnätverk.”

Annual report 2024A · The company itself

“FoU skedde främst i de BICO-bolag som är verksamma i USA, Tyskland, Taiwan, Sverige och Frankrike.”

Annual report 2024A · The company itself