Currency exposure

“Our profitability is highly dependent on a variety of factors and could be materially impacted by any of the following: Pricing pressures have had and may continue to have a negative impact on our profitability. The rates we are able to charge for our solutions and services are affected by a number of factors, including: •general economic and political conditions; •our clients’ desire to reduce their costs; •the competitive environment in our industry; •the introduction of new technologies (such as advanced AI), services or products by competitors, ecosystem partners and clients, which could reduce our ability to obtain favorable pricing and impact our overall economics for the solutions or services we offer; •our ability to accurately estimate our service delivery costs, upon which our pricing is sometimes determined, including our ability to estimate the impact of inflation and foreign exchange on our service delivery costs over long-term contracts; and •the procurement practices of clients and their use of third-party advisors.”

Annual report 2025A · The company itself

“Schouw&Co. generates a substantial part of its revenue by converting raw materials or by processing procured components. As a result, changes in prices of materials and foreign exchange rates may have a significant impact on revenue, even though the underlying activity may be unchanged.”

Annual report 2025A · The company itself

“We are subject to foreign currency exchange fluctuations, which could have a material adverse effect on our financial condition or results of operations. We have significant international operations and sales and are therefore exposed to fluctuations in foreign currencies that have and may continue to adversely impact our business, financial condition or results of operations.”

Annual report 2025A · The company itself

“Foreign Currency Exchange Rate Risk As a result of our international business activities, our financial results have been affected by changes in foreign currency exchange rates as well as economic conditions in foreign markets. There is no assurance that exchange rate fluctuations will not adversely impact our results of operations or financial condition in the future.”

Annual report 2025A · The company itself

“Although we will continue to monitor our exposure to currency fluctuations, and, where appropriate, use forward contracts to minimize the effect of these fluctuations, the impact of an aggregate change of 10% in foreign currency exchange rates relative to the U.S. dollar on our results of operations and financial position could be material.”

Annual report 2025A · The company itself

“Because we conduct business in currencies other than US dollars but report our financial results in US dollars, we have faced, and will continue to face, exposure to fluctuations in foreign currency exchange rates. Although we hedge a portion of our international currency exposure, significant fluctuations in exchange rates between the US dollar and foreign currencies have and may in the future adversely affect our revenues and earnings.”

Annual report 2025A · The company itself

“Our foreign operations expose us to risks that may affect our operations. Through our operations, licenses and authorizations and network partners, we provide insurance solutions that help businesses and individuals in approximately 200 countries and jurisdictions protect their assets and manage risks. A substantial portion of our business is conducted outside the U.S., and we intend to continue to grow our business in strategic markets. Operations outside the U.S. have in the past been, and may in the future be, affected by elevated climate risks, regional economic downturns, changes in foreign currency exchange rates and foreign interest rates, geopolitical events or upheaval, sanctions policies, changes to international trade and/or tariff policies, nationalization and other restrictive government or regulatory actions, which could also affect our other operations.”

Annual report 2025A · The company itself

“Impact of Currency Volatility As a global company, AIG conducts business in multiple currencies. In general, we aim to match liabilities with assets of the same currency.”

Annual report 2025A · The company itself

“Specifically as part of our ongoing portfolio analysis, we conduct an extensive review of a particular country’s historical and projected macroeconomic fundamentals, including inflation and foreign currency exchange rate trends, demographics, capital markets, tax regime and investment alternatives, and the general business, political and legal environments, including property rights and regulatory regime.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“Table of Contents Foreign Currency Risk We are exposed to market risk from changes in foreign currency exchange rates primarily in connection with our foreign subsidiaries and joint ventures internationally.”

Annual report 2025A · The company itself

“Financial Risks •We are exposed to fluctuations in currency exchange rates that could negatively impact our financial results and cash flows.”

Annual report 2025A · The company itself

“A reconciliation of this non-GAAP measure to the reported Cash provided by operating activities is as follows (in millions): Years Ended December 31 2025 2024 Cash provided by operating activities $ 3,481 $ 3,035 Capital expenditures (263) (218) Free cash flow $ 3,218 $ 2,817 Impact of Foreign Currency Exchange Rate Fluctuations Because we conduct business in over 120 countries, foreign exchange rate fluctuations may have a significant impact on our business. Foreign exchange rate movements may be significant and may distort true period-to-period comparisons of changes in revenue or pretax income. Therefore, to give financial statement users meaningful information about our operations, we have provided an illustration of the comparable impact of foreign currency exchange rates on our financial results.”

Annual report 2025A · The company itself

“Table of Contents The following tables summarize changes in total AUM for Apollo’s investing strategies within the Asset Management segment: Years ended December 31, 2025 2024 (In millions) Credit Equity Total Credit Equity Total Change in Total AUM1: Beginning of Period $ 616,387 $ 134,650 $ 751,037 $ 515,523 $ 135,253 $ 650,776 Inflows2 169,719 61,958 231,677 142,628 9,776 152,404 Outflows2 (61,740) (1,923) (63,663) (52,192) (7,157) (59,349) Net Flows 107,979 60,035 168,014 90,436 2,619 93,055 Realizations (8,840) (13,049) (21,889) (14,136) (9,034) (23,170) Market Activity3 1 At the individual strategy level, inflows include new subscriptions, commitments, capital raised, other increases in available capital, purchases, acquisitions and portfolio company appreciation. Outflows represent redemptions, other decreases in available capital and portfolio company depreciation. Realizations represent fund distributions of realized proceeds.”

Annual report 2025A · The company itself

“Year Ended December 31, 2025 Total AUM was $938.4 billion at December 31, 2025, an increase of $187.4 billion, or 25.0%, compared to $751.0 billion at December 31, 2024. The net increase was primarily driven by subscriptions across the platform, the growth of our retirement services client assets, the Bridge acquisition and market activity primarily in our credit strategy, partially offset by normal course outflows at Athene, as well as realizations.”

Annual report 2025A · The company itself

“Currency Risk—Athene manages its currency risk to maintain minimal exposure to currency fluctuations. It attempts to hedge completely the currency risk arising on its statement of financial condition. In general, Athene matches currency exposure of assets and liabilities. When the currency denominations of the assets and liabilities do not match, Athene generally undertakes hedging activities to eliminate or mitigate currency mismatch risk.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“Approximately 64% of our net revenue for the year ended December 31, 2025 came from sales outside the U.S., which were primarily invoiced in currencies other than the U.S. dollar, and we expect net revenue from non-U.S. markets to continue to represent a significant portion of our net revenue. Accordingly, significant changes in currency exchange rates, particularly the Euro, Chinese Yuan (Renminbi) and Mexican Peso, could cause fluctuations in the reported results of our businesses’ operations that could negatively affect our results of operations.”

Annual report 2025A · The company itself

“We have currency exposures related to buying, selling and financing in currencies other than the local currencies of the countries in which we operate.”

Annual report 2025A · The company itself

“Arribatec conduct part of business in currencies other than its presentation currency (NOK), making its results of operations, financial position, and prospects vulnerable to currency fluctuations. Because of this, the Group will be exposed to volatility associated with foreign currency exchange rates.”

Annual report 2024A · The company itself

“With an active presence in more than 80 countries, we are subject to political, socio-economic and financial factors around the world. A sustained global economic downturn or significant changes to exchange rates may adversely impact our business. Geopolitical tensions may lead to the imposition, alteration or escalation of trade controls, tariffs, taxes or other restrictions to market access, which may increase our costs or reduce revenues. • Focus on key products. • Demonstrate value of medicines/health economics. • Diversified portfolio. • Global manufacturing capability.”

Annual report 2025A · The company itself

“The margin was positively affected by currency and by the combination of volume, price and mix, while acquisitions had a negative effect on the operating margin.”

Annual report 2024A · The company itself

“Changes in exchange rates can adversely affect Group earnings when revenues from sales and costs for production and sourcing are denominated in different currencies (transaction risks).”

Annual report 2024A · The company itself

“The Group is present in various geographical markets and undertakes transactions denominated in foreign currencies and is consequently exposed to exchange rate fluctuations.”

Annual report 2024A · The company itself

“Adverse economic conditions and currency exchange rates in the countries that contribute a significant portion of our net revenue, including emerging economies, may have an adverse effect on our business in those countries and our overall financial performance.”

Annual report 2026A · The company itself

“Risks inherent in our international operations include: •economic volatility; •tariffs, quotas, and other trade barriers and restrictions, geopolitical conflicts, and any political or economic responses and counter-responses thereto by various global actors; •fluctuating currency exchange rates, including devaluations, currency controls, and inflation, and risks related to any hedging activities we undertake; •changes in regulatory requirements and practices; •delays resulting from difficulty in obtaining export licenses for certain technology; •different purchase patterns as compared to the developed world; •operating in locations with a higher incidence of corruption and fraudulent business practices, particularly in emerging economies; •compliance with the U.S.”

Annual report 2026A · The company itself

“The fluctuations of currencies in which we conduct business can both increase and decrease our overall revenue and expenses for any given period. Although our foreign currency cash flow hedge program extends beyond the current quarter in order to reduce our exposure to foreign currency volatility, we do not attempt to completely mitigate this risk, and in any case, 31 Table of Contents will incur transaction fees in adopting such hedging programs.”

Annual report 2026A · The company itself

“Foreign currency exchange rates, and fluctuations in those rates, affect our business. The majority of our net sales in 2025 was denominated in foreign currencies.”

Annual report 2025A · The company itself

“The company’s financial results are exposed to currency exchange rate fluctuations and a significant proportion of assets, liabilities and earnings are denominated in non-U.S. dollar currencies. The company presents its financial statements in U.S. dollars and has a significant proportion of its net assets, debt and income in non-U.S. dollar currencies, primarily the euro, as well as the currencies of Argentina, Egypt, Turkey and other emerging markets.”

Annual report 2025A · The company itself

“Our currency translation risk results from the currencies in which we transact business. The company faces currency exposures in our global operations as a result of various factors including intercompany currency denominated loans, selling our products in various currencies, purchasing raw materials and equipment in various currencies and tax exposures not denominated in the functional currency of the entity with the exposure.”

Annual report 2025A · The company itself

“Comparable operating earnings as a % of segment net sales ​ ​ 12 % ​ 12 % ​ 10 % ​ Segment sales in 2025 were $517 million higher compared to 2024 primarily due to increases of $251 million from higher volume, $171 million from currency translation and $103 million from price/mix.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“A substantial amount of our revenue is derived from international operations, and we anticipate that a significant portion of our future sales will continue to come from outside the U.S.”

Annual report 2025A · The company itself

“Table of Contents dollar, Chinese renminbi, Japanese yen, European Union euro, British pound, Indian rupee, Taiwan dollar and Israeli shekel, from time to time have an effect on our revenue or operating results. Fluctuations in the exchange rate between the U.S. dollar and other currencies could seriously affect our business, financial condition and results of operations, including due to inflation, devaluations and currency controls.”

Annual report 2025A · The company itself

“We have substantial cash requirements in the United States and significant operations outside the United States. As of December 31, 2025, approximately 29% of our cash and cash equivalents balance was held by subsidiaries outside the United States. We cannot accurately predict the full impact that evolving macroeconomic and geopolitical conditions may have on our cash flows and there are administrative processes associated with repatriation of foreign earnings that could affect the timing of returning cash to the U.S. from non-U.S. jurisdictions. Accordingly, if our U.S. cash is insufficient to meet our future funding obligations in the United States, we could be required to seek funding sources on less attractive terms, which could negatively impact our results of operations, financial position and the market price of our common stock.”

Annual report 2025A · The company itself

“Transaktionsexponering uppstår vid köp och försäljning av varor och tjänster i andra valutor än SEK. En stor del av Camurus intäkter och kostnader är i utländsk valuta, framförallt AUD, EUR, GBP, NOK samt USD.”

Annual report 2024A · The company itself

“Koncernen är följaktligen exponerad för valutarisker. Med valutarisk avses risken att valutakursförändringar har en negativ effekt på Carasents finansiella ställning, lönsamhet eller kassaflöde.”

Annual report 2024A · The company itself

“Valutaexponering Catena har genom sin verksamhet i Danmark exponering mot danska kronor. Huvudsakligen berör det hur värdet på nettotillgångar i Danmark påverkas av förändringar i valutakursen. På balansdagen uppgick värdet av det danska fastighetsbeståndet till 4 948 Mdkk och nettovärdet till 2 713 Mdkk.”

Annual report 2024A · The company itself

“Valutarisk Catena har tillgångar och skulder i danska kronor vilket skapar risker för att förändringar i valuta påverkar kassaflöde, resultat och balansräkning negativt i koncernen.”

Annual report 2024A · The company itself

“Table of Contents More specifically, we have exposure to exchange rate movements between the British pound, the Euro, the Canadian dollar, the Hong Kong dollar, the Australian dollar, the Japanese yen, the Philippine peso, and the Singapore dollar against the U.S. dollar. Significant inflation or changes in foreign exchange rates with respect to one or more of these currencies could occur as a result of increased political tensions and disagreements, including in connection with tariffs and trade policies, general economic or political conditions, acts of war or terrorism, changes in governmental monetary or tax policy, or changes in local interest rates. These exchange rate differences would affect the translation of our non-U.S. results of operations and financial condition into U.S. dollars as part of our consolidated financial statements.”

Annual report 2025A · The company itself

“Risks Related to Capitalization and Financial Markets •Foreign currency risk may negatively affect our revenues, cost of sales, and operating margins, and could result in foreign exchange losses.”

Annual report 2026A · The company itself

“We conduct our business and incur costs in the local currency of most countries in which we operate. We incur currency transaction risk whenever one of our operating subsidiaries enters into either a purchase or a sales transaction using a different currency from the currency in which it operates, or holds assets or liabilities in a currency different from its functional currency. Changes in exchange rates can also affect our results of operations when the value of sales and expenses of foreign subsidiaries are translated to U.S. dollars. We cannot accurately predict the impact of future exchange rate fluctuations on our results of operations.”

Annual report 2026A · The company itself

“currency flu ct uati on s ha d a po sit ive ef fec t of 0. 5% , p rim ari ly driven by the strengt hening of the Swedish currency”

Annual report 2025B · From the report

“Overall, currency flu ct uati on s ha d a po sit ive ef fec t of 0. 5% , p rim ari ly driven by the strengt hening of the Swedish currency”

Annual report 2025B · From the report

“These factors affected our businesses in each of our segments. •Foreign currency changes—Our results of operations are significantly impacted by changes in foreign currency exchange rates; namely, by movements of the Australian dollar, Brazilian real, British pound, Canadian dollar, Czech koruna, euro, Mexican peso and New Zealand dollar, relative to the U.S. dollar. Approximately 49% and 52% of our revenues in 2025 and 2024, respectively, were derived in U.S. dollars and were not affected by foreign currency exchange rates.”

Annual report 2025A · The company itself

“Revenues from risk management products and foreign exchange payment services are primarily comprised of the difference between the exchange rate we set for the customer and the rate available in the wholesale foreign exchange market. In our cross-border business, our revenue is from exchanges of currency at spot rates, which enables customers to make cross-currency payments. Our crossborder business also derives revenue from our risk management business, which aggregates foreign currency exposures arising from customer contracts and economically hedges the resulting net currency risks by entering into offsetting contracts with established financial institution counterparties.”

Annual report 2025A · The company itself

“The ownership and operation of data centers located outside of the United States subject us to risks from fluctuations in exchange rates between foreign currencies and the U.S. dollar. Changes in the relation of these currencies to the U.S. dollar will affect our revenues and operating margins, and may materially adversely impact our financial condition, results of operations, cash flow, cash available for distribution and ability to satisfy our debt obligations.”

Annual report 2025A · The company itself

“These tariffs, ongoing trade disputes, macroeconomic shifts, and persistent geopolitical uncertainties together with fluctuating currencies all contributed to increased volatility and had significant impact on customers’ supply chains and overall demand. Despite these challenges, global transport volumes sustained their long-term growth trajectory, especially in the first half of the year, followed by more muted activity in the second half.”

Annual report 2025A · The company itself

“Operating globally subjects Eaton to various risks, including, but not limited to, economic and political instability, including war or armed conflict, changes in government policies, expropriation, nationalization, and other political, economic, or social developments; complex and continually changing government laws, regulations and policies; increased tariffs, trade barriers, trade agreements, and other restrictions on international trade; trade laws and trade treaties that impact our effective tax rate; supply chain disruptions, including, as a result of natural disasters, transportation disruptions, and geopolitical events; currency fluctuations, which can affect the value of our foreign currency revenues, expenses, and cash flows; inadequate intellectual property protections in foreign jurisdictions that could result in the unauthorized use or infringement of our intellectual property; adverse consumer sentiment for non-local products; and local labor market conditions.”

Annual report 2025A · The company itself

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

Annual report 2024A · The company itself

“Our business is subject to the risks of international operations, including movements in foreign currency exchange rates. Our international operations represented approximately 23% of our total 2025 revenue and are largely conducted in currencies other than the U.S. Dollar, including the British Pound Sterling, Euro, Swedish Krona, Australian Dollar, Brazilian Real, Swiss Franc, Canadian Dollar and Indian Rupee.”

Annual report 2025A · The company itself

“Our clients may pay us in foreign currencies. Conducting business in currencies other than the U.S. Dollar subjects us to foreign currency exchange rate fluctuations that can negatively impact our results, period to period, including relative to analyst estimates or guidance.”

Annual report 2025A · The company itself

“Our primary exposure to movements in foreign currency exchange rates relates to the British Pound Sterling, Euro, Brazilian Real, Australian Dollar, Swedish Krona, Swiss Franc and Indian Rupee.”

Annual report 2025A · The company itself

“en styrkelse af den svenske valuta medførte en samlet stigning i omsætningen på 4”

Annual report 2026A · The company itself

“Flüggers omsætning, indtjening og netto investeringer i udenlandske dattervirksom heder påvirkes konstant af udsving i valutakurser. Flügger er naturligt sikret for valutaudsving i lande, hvor der er både salg og produktion.”

Annual report 2026A · The company itself

“The percentage increase in royalties of 21% from 2024 to 2025 is lower than the percentage increase in the underlying net sales of 23% primarily due to negative foreign exchange rate impacts and an increase in Genmab’s Halozyme royalty reductions in connection with the increase in SC product net sales, partially offset by higher effective royalty rate for 2025.”

Annual report 2025A · The company itself

“total revenue growth was -7%, due to -3% impact from FX”

Annual report 2025A · The company itself

“A sizable portion of our consolidated revenue and consolidated operating expenses is in foreign currencies. As a result, we are subject to significant risks, including: -foreign currency exchange risks resulting from changes in foreign currency exchange rates and the implementation of exchange controls; and -limitations on our ability to reinvest earnings from operations in one country to fund the capital needs of our operations in other countries.”

Annual report 2025A · The company itself

“Det framtida faktiska utfallet kan således skilja sig från uttalandena på grund av faktorer såsom ändrade förhållanden inom ekonomi, marknad och konkurrenssituation, ändrade lagar och andra politiska åtgärder samt valutakursfluktuationer och andra faktorer.”

Annual report 2024A · The company itself

“När resultat- och balansräkningens poster omräknas till EUR uppstår en omräkningsexponering. Omräkningsexponeringen i balansräkningen kan ha en avsevärd negativ påverkan på koncernens totalresultat.”

Annual report 2024A · The company itself

“Hexagons verksamhet bedrivs huvudsakligen internationellt och försäljning, kostnader samt nettotillgångar är därför denominerade i en rad olika valutor. Hexagon använder sedan den 1 januari 2011 EUR som rapporteringsvaluta för att minska valutaexponeringen vad gäller resultat- och balansräkning samt övrigt totalresultat och för att bättre kunna matcha skulderna mot nettotillgångarna.”

Annual report 2024A · The company itself

“Valuuttakurssien ja rakenteellisten muutosten vaikutukset Vuoden 2025 saadut tilaukset pysyivät orgaanisesti vertailukelpoisilla valuuttakursseilla vertailukauden tasolla. Valuuttakurssien muutoksilla oli 2 prosenttiyksikön negatiivinen vaikutus saatuihin tilauksiin.”

Annual report 2025A · The company itself

“For example, we observed a competitive pricing environment, variability in commodity costs, demand softness in Print and demand softness in certain geographic regions in Personal Systems, secular declines in demand for certain products or solutions, including printing products and solutions, inflationary pressures, the imposition of new or increased tariffs and other trade restrictions, and foreign currency fluctuations.”

Annual report 2025A · The company itself

“Sales of our products by channel partners to unauthorized resellers or unauthorized resale of our products has and could continue to make our forecasting and channel inventory management more difficult and impact pricing in the market. For example, in the past we have had channel partners sell products outside of their agreed territory, and misrepresent sales to unauthorized resellers as sales to end-users, frustrating our efforts to estimate channel inventory or maintain consistent pricing, and negatively impacting gross margins.”

Annual report 2025A · The company itself

“Currencies other than the U.S. dollar, including the euro, the British pound, Indian rupee, Chinese yuan (renminbi) and the Japanese yen, can have an impact on our results as expressed in U.S. dollars. Global events, trade disputes, economic sanctions, inflation, increasing interest rates and emerging market volatility, and the resulting uncertainty, may cause currencies to fluctuate, which may contribute to variations in our sales in impacted jurisdictions.”

Annual report 2025A · The company itself

“In addition, currency variations can adversely affect margins on sales of our products in countries outside of the United States and products that include components obtained from suppliers located outside of the United States, as well as our ability to increase prices.”

Annual report 2025A · The company itself

“We face global macroeconomic challenges such as ongoing geopolitical tensions, uncertainty in the markets, volatility in exchange rates, inflationary trends and evolving dynamics in the global trade environment.”

Annual report 2025A · The company itself

“The risks inherent in the Company's global operations include: •fluctuation in currency exchange rates; •limitations on ownership or participation in local enterprises; •price controls, exchange controls and limitations on repatriation of earnings; •supply chain disruptions, including transportation delays and disruptions; •political, social and economic instability and disruptions, including political unrest and armed conflicts; •acts of terrorism; •the impact of widespread public health crises and pandemics; •government embargoes, sanctions or foreign trade restrictions; •the imposition of duties and tariffs and other trade barriers and retaliatory countermeasures; •government actions impacting international trade agreements, including the EU-UK Trade and Cooperation Agreement; •import and export controls; •social and labor unrest and current and changing regulatory environments; •the potential for expropriation or nationalization of enterprises; •difficulties in staffing and managing multi-national operations; •multiple and potentially conflicting laws, regulations and policies that are subject to change; •limitations on its ability to enforce legal rights and remedies; and •potentially adverse tax consequences.”

Annual report 2025A · The company itself

“Quantitative and Qualitative Disclosures About Market Risk MARKET RISK The Company is exposed to certain market risks that exist as part of its ongoing business operations, including fluctuations in currency exchange rates, price volatility for certain commodities and changes in interest rates.”

Annual report 2025A · The company itself

“Such risks and uncertainties include political, economic and financial instability; unexpected changes in regulatory requirements, tariffs and other trade barriers; exchange rate fluctuations; applicable currency controls; and difficulties in staffing, including reliance on newly hired local experts, and managing foreign operations.”

Annual report 2025A · The company itself

“We actively manage our global currency exposure on a continuous basis by maintaining our equity in a basket of currencies we call the GLOBAL. We define the GLOBAL as consisting of fractions of a U.S. dollar, Euro, Japanese yen, British pound, Swiss franc, Chinese renminbi, Indian rupee, Canadian dollar, Australian dollar and Hong Kong dollar.”

Annual report 2025A · The company itself

“IBKR Universal AccountSM – From a single point of entry in their IBKR Universal1 AccountSM, our customers are able to transact in 29 currencies, across multiple classes of tradable, primarily exchange-listed products traded on more than 170 electronic exchanges and market centers in 40 countries around the world seamlessly.”

Annual report 2025A · The company itself

“Karta Visa Infinite Charge Card – A premium U.S. charge card designed for our customers who operate across borders and markets. The card seamlessly links to our customer’s account for monthly payments and gives our customers instant access to their cash anywhere in the world with no foreign transaction fees.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“Foreign Currency Exchange Rate Risk As an international business, we are subject to foreign currency exchange rate risk. We may experience gains or losses from foreign currency transactions in the future given that a significant part of our assets and liabilities are recorded in pounds sterling, Canadian dollars or euros, and a significant portion of our revenues and expenses are recorded in pounds sterling or euros.”

Annual report 2025A · The company itself

“We operate on a global basis and are exposed to currency fluctuation related to the manufacture and sale of our products in currencies other than the U.S. dollar. The major foreign currencies involve the markets in the European Union, Great Britain, Mexico, Brazil, China, India, Indonesia, Australia, Japan and Argentina, although all regions are subject to foreign currency fluctuations versus the U.S. dollar.”

Annual report 2025A · The company itself

“We are a global professional services company, with our international operations accounting for approximately 38% of our annual revenue in fiscal 2025. Fluctuations in exchange rates for foreign currencies to the U.S. dollar could impact the earnings and cash flows we receive from projects in non-U.S. markets, negatively impact our competitiveness in those markets or otherwise adversely impact our business results, reported financial condition and the U.S. dollar value of our backlog.”

Annual report 2025A · The company itself

“Tillgången till råvaror, komponenter och annat produktionsmaterial är föremål för betydande prisfluktuationer hänförliga till bland annat transportkostnader, valutakursförändringar och andra makroekonomiska faktorer. Prisfluktuationer på material och råvaror som används i produktionen kan ha en negativ inverkan på Karnells lönsamhet.”

Annual report 2024A · The company itself

“The fair value of investments may fluctuate in response to changes in the values of investments, foreign currency exchange rates, and interest rates. Additionally, interest rate movements can adversely impact the amount of interest income we receive on credit instruments bearing variable rates and could also impact the amount of interest that we pay on debt obligations bearing variable rates.”

Annual report 2025A · The company itself

“Stor internasjonal tilstedeværelse og global avhengighet gjør konsernet sårbart for forhold som påvirker internasjonal handel, sikkerhet, politiske endringer, valuta og verdensøkonomien generelt.”

Annual report 2024A · The company itself

“We derive a substantial portion of our net sales from international markets.”

Annual report 2025A · The company itself

“Other factors impacting our operations in the United States and in international locations where we do business include changes in laws, export and import restrictions, foreign currency exchange rates, foreign currency devaluation, cash repatriation restrictions, recessionary conditions, governmental subsidies provided to our consumers such as the Supplemental Nutrition Assistance Program (“SNAP”) in the U.S., foreign ownership restrictions, nationalization, the impact of hyperinflationary environments, a potential U.S. federal government shutdown, terrorist acts, political unrest, and military conflict.”

Annual report 2025A · The company itself

“Linde’s non-U.S. business is subject to risks customarily encountered in non-U.S. operations, including fluctuations in foreign currency exchange rates, import and export controls, and other economic, political and regulatory policies of local governments.”

Annual report 2025A · The company itself

“Linde’s international operations are subject to the risks of doing business abroad and international events and circumstances may adversely impact its business, financial condition or results of operations. Linde has substantial international operations which are subject to risks including devaluations in currency exchange rates, transportation delays and interruptions, political and economic instability and disruptions, restrictions on the transfer of 8 Table of Contents funds, trade conflicts and the imposition of duties and tariffs, import and export controls, changes in governmental policies, labor unrest, possible nationalization and/or expropriation of assets, changes in U.S. and non-U.S. tax policies and compliance with governmental regulations.”

Annual report 2025A · The company itself

“CNA’s investment portfolio is exposed to various risks, such as interest rate, credit spread, issuer default, equity prices and foreign currency, which are unpredictable. Financial markets are highly sensitive to changes in economic conditions, monetary policies, tariff policies, tax policies, interest rates, domestic and international geopolitical issues and many other factors. Changes in financial markets, including fluctuations in interest rates, credit, equity prices and foreign currency prices, and many other factors beyond CNA’s control can adversely affect the value of its investments, the realization of investment income and the rate at which it discounts certain liabilities.”

Annual report 2025A · The company itself

“Since we conduct business in currencies other than U.S. dollars but report our financial results in U.S. dollars, we face exposure to fluctuations in currency exchange rates. Due to these fluctuations, operating results may differ materially from expectations, and we may record significant gains or losses on the remeasurement of intercompany balances.”

Annual report 2026A · The company itself

“Dollar, we have foreign currency exchange risks related to our expenses denominated in currencies other than the U.S. Dollar, principally the Chinese Yuan, Canadian Dollar, Thai Baht, Japanese Yen, Hong Kong Dollar, UK Pound, Swiss Franc, and Euro.”

Annual report 2026A · The company itself

“Our business, financial results, and growth are impacted by weak or volatile economic conditions; pandemics and other outbreaks of disease; natural and man-made disasters; changes in energy prices, interest rates, inflation, and currency values; political instability, geopolitical disputes or conflict, actual or threatened war, terrorist activity, civil unrest and other acts of violence; heightened travel security measures, travel advisories, and disruptions in air and ground travel; and concerns over the foregoing.”

Annual report 2025A · The company itself

“Further, despite developments such as the U.S.- E.U. Data Privacy Framework and the U.S.- U.K. Data Bridge, there remains a high level of uncertainty concerning the flow of personal information between the U.S. and EU, between the U.S. and the U.K. and between the U.K. and the EU. This uncertainty may impair our ability to offer our existing and planned products and services or increase our cost of doing business.”

Annual report 2025A · The company itself

“Approximately 51% of our total revenue reported in 2025 was from business outside of the U.S. We are subject to exchange rate movement because we must translate the financial results of our foreign subsidiaries into U.S. dollars and also because some of our subsidiaries receive revenue other than in their functional currencies. Exchange rate movements may change over time, and they could have a material adverse impact on our financial results and cash flows reported in U.S. dollars.”

Annual report 2025A · The company itself

“We switch substantially all cross-border transactions using Mastercard, Maestro and Cirrus-branded cards and generate a significant amount of revenue from cross-border volume fees and fees related to switched transactions. Revenue from switching cross-border and currency conversion transactions for our customers fluctuates with the levels and destinations of cross-border travel and our customers’ need for transactions to be converted into their base currency.”

Annual report 2025A · The company itself

“In addition, the revenue we generate in entities with non-U.S. dollar functional currencies is subject to unpredictable currency fluctuations, including where the values of other currencies change relative to the U.S. dollar. If the U.S. dollar strengthens compared to currencies in which we generate revenue, this revenue may be translated at a materially lower amount than expected.”

Annual report 2025A · The company itself

“Furthermore, we may become subject to exchange control regulations that might restrict or prohibit the conversion into U.S. dollars of our other revenue currencies and financial assets. The occurrence of currency fluctuations or exchange controls could have a material adverse impact on our results of operations.”

Annual report 2025A · The company itself

“Fluctuations in foreign currency markets may negatively impact us. We are exposed to fluctuations in foreign currency in the following main areas: cash flows related to raw material purchases; the translation of foreign currency earnings to U.S. dollars; the effects of foreign currency on loans between subsidiaries and unconsolidated affiliates and on cash flows related to repatriation of earnings of unconsolidated affiliates.”

Annual report 2025A · The company itself

“Our international operations are subject to additional risks, including fluctuations in currency values, foreign currency exchange controls, discriminatory fiscal policies, compliance with U.S. and foreign laws, enforcement of remedies in foreign jurisdictions and other economic or political uncertainties.”

Annual report 2025A · The company itself

“The Company is exposed to market risk from fluctuations in currency exchange rates and interest rates. The Company operates in multiple jurisdictions and virtually all sales are denominated in currencies of the local jurisdiction.”

Annual report 2025A · The company itself

“Merck principally utilizes forward exchange contracts to offset the effects of foreign exchange on exposures when it is deemed economical to do so based on a cost-benefit analysis that considers the magnitude of the exposure, the volatility of the foreign exchange rate and the cost of the hedging instrument (primarily the euro, Swiss franc, Japanese yen, and Chinese renminbi).”

Annual report 2025A · The company itself

“In addition, since we expect a significant number of customers to come to MGM Macau and MGM Cotai (and, to a lesser extent, our domestic properties) from mainland China, general economic, regulatory, geopolitical and market conditions in China could impact our financial prospects. Any slowdown in economic growth or changes to China’s current restrictions on currency conversion or movements, including market impacts resulting from China’s anti-corruption campaign and related tightening of liquidity provided by non-bank lending entities and cross-border currency monitoring (including increased restrictions on Union Pay withdrawals and other ATM limits on the withdrawal of cash and facial recognition technology on ATM machines in Macau to strictly enforce the “know your customer” regulations for mainland Chinese bank cardholders), could disrupt the number of visitors from mainland China and/or the amounts they are willing 16 to spend at our properties.”

Annual report 2025A · The company itself

“These conditions include global competition for resources; tariffs or other trade barriers; currency fluctuations; geopolitical conditions or conflicts (including the ongoing war in Ukraine and international sanctions imposed on Russia for its invasion of Ukraine, conflicts in the Middle East, rising tensions between China and Taiwan and recent geopolitical developments in Venezuela); inflationary pressures related to domestic and global economic conditions or supply chain issues; transportation and labor disruptions; government intervention to introduce living income premiums or similar requirements; changes in environmental or trade policy and regulations, alternative energy and agricultural programs; severe weather; agricultural productivity; animal and crop disease or pests; water risk; health pandemics; forest fires and other natural disasters; acts of terrorism; geopolitical regional conflicts; cybersecurity incidents; supplier capacity; and consumer or industrial demand.”

Annual report 2025A · The company itself

“Also refer to “We are subject to risks from changes to the trade policies and tariff and import/export regulations by the U.S. and/or other foreign governments”; •changing macroeconomic conditions in our markets, including as a result of inflation (and related monetary policy actions by governments in response to inflation), volatile commodity prices, the ongoing longer-term impact of changes in international trade policies and increases in the cost of raw and packaging materials, labor, energy and transportation; •compliance with U.S. laws affecting operations outside of the United States, including anti-bribery laws such as the Foreign Corrupt Practices Act (“FCPA”); •compliance with antitrust and competition laws, trade laws, data privacy laws, anti-bribery laws, human rights laws, new regulations intended to address increasing global concerns around forced labor, and a variety of other local, national and multinational regulations and laws in multiple regimes; •currency devaluations or fluctuations in currency values, including in developed and emerging markets.”

Annual report 2025A · The company itself

“In addition, movements in currency exchange rates affect transaction costs because we source product ingredients from various countries.”

Annual report 2025A · The company itself

“Global economic uncertainties, including highly inflationary economies and foreign currency exchange rates and rising interest rates, affect businesses such as ours in a number of ways, making it difficult to accurately forecast and plan our future business activities.”

Annual report 2025A · The company itself

“Our international operations are subject to risks from changes in foreign currencies, or government policy, which can affect local farmer economics.”

Annual report 2025A · The company itself

“Economic and market conditions, including inflation, supply chain challenges, high interest rates and foreign exchange volatility, have and may continue to have an impact on our business.”

Annual report 2025A · The company itself

“Our businesses are affected by fluctuations in market prices for our products, the purchase price of key inputs to operations, freight and shipping costs, foreign currency exchange rates and interest rates. We periodically enter into derivatives and forward purchase contracts to mitigate some of these risks.”

Annual report 2025A · The company itself

“Currency risk Several business units carry out a large number of business transactions in currencies other than their domestic currency. For the Group, the relative importance of these transactions is substantially larger on the revenue side than on the cost side.”

Annual report 2024A · The company itself

“Because we have operations in numerous countries, we are exposed to currency risk. We have operations in the U.S., the Nordic and Baltic countries, Canada, the United Kingdom, Australia and many other foreign countries. We therefore have significant exposure to exchange rate movements between the Euro, Swedish Krona, the Canadian dollar and other foreign currencies against the U.S. dollar.”

Annual report 2025A · The company itself

“Valutarisker: Nedermankoncernen är genom sin globala verksamhet exponerad för valutarisk genom att valutakursförändringar påverkar koncernens resultat och finansiella ställning. Koncernens valutaexponering omfattar transaktionsexponering, finansiell exponering och omräkningsexponering.”

Annual report 2024A · The company itself

“Valutarisker Nedermankoncernen är genom sin globala verksamhet exponerad för valu-tarisk genom att valutakursförändringar påverkar koncernens resultat och finansiella ställning. Koncernens valutaexponering omfattar transaktionsex-ponering, finansiell exponering och omräkningsexponering.”

Annual report 2024A · The company itself

“I takt med att Netel fortsätter expandera sin verksamhet till befintliga och nya marknader förväntas en stor och ökande andel av nettoomsättning och försäljningskostnader att vara redovisade i andra valutor än svenska kronor. Som ett resultat av detta kommer Netels valutaomräkningsrisk att öka varvid valutakursförändringar mel-  Netel arbetar nära sina bankkontakter för att diskutera samt hantera exponeringen mot såväl ränte- och valutakursrisker.”

Annual report 2024A · The company itself

“If the financial markets become difficult or costly to access, including due to rising interest rates, fluctuations in foreign currency exchange rates or other changes in economic conditions, our ability to raise additional capital may be negatively impacted, and any refinancing or restructuring could be at higher interest rates and may require us to comply with more onerous covenants, which could further restrict our business operations.”

Annual report 2025A · The company itself

“As of December 31, 2025, we had the equivalent of $14.5 billion aggregate principal amount of senior notes outstanding (“Notes”), some of which is denominated in currencies other than the U.S. dollar.”

Annual report 2025A · The company itself

“As of December 31, 2025, we had approximately $5.7 billion of total content liabilities as reflected on our consolidated balance sheet, some of which is denominated in currencies other than the U.S. dollar.”

Annual report 2025A · The company itself

“The availability and prices of raw materials may also be negatively affected by new laws and regulations, allocation by suppliers, interruptions in production, accidents or natural disasters, war and other forms of armed conflict or political instability, changes in exchange rates, worldwide price fluctuations, including due to global political and economic factors, changes in governmental, business and consumer spending, inflation, increases in interest rates, labor shortages, and the availability and cost of transportation.”

Annual report 2025A · The company itself

“Certain of our businesses and investments are located outside of the United States, in Canada, Mexico and in emerging markets. There are a number of risks inherent in doing business in or sourcing raw materials from such markets. These risks include, but are not limited to: unfavorable political or economic factors; local labor and social issues; changes in regulatory requirements; fluctuations in foreign currency exchange rates, interest rates and inflation; and complex foreign laws, treaties including tax laws, and the Foreign Corrupt Practices Act of 1977.”

Annual report 2025A · The company itself

“An uncertainty we continue to face in our business is the price of our principal raw material, ferrous scrap, which is volatile and often increases or decreases rapidly in response to changes in domestic demand, unanticipated events that affect the flow of scrap into scrap yards, the availability of scrap substitutes, currency fluctuations and changes in foreign demand for scrap.”

Annual report 2025A · The company itself

“Additional headwinds from US import tariffs and foreign exchange rates added complexity, but we responded with targeted mitigation measures.”

Annual report 2025A · The company itself

“These external headwinds had an estimated 300bps drag on the EBIT margin.”

Annual report 2025A · The company itself

“Higher commodity prices, adverse foreign exchange movements and US import tariffs created a combined headwind of 220bps to gross margin and 300bps to EBIT margin.”

Annual report 2025A · The company itself

“Such conditions have resulted in and could continue to result in exchange rate fluctuation, limitations on access to credit markets and other corporate banking services, including working capital facilities, volatility in global stock markets and global economic uncertainty and heightened risk to employee safety, any of which can adversely affect our business.”

Annual report 2025A · The company itself

“Because our consolidated financial statements are presented in U.S. dollars, the financial statements of our subsidiaries outside the United States, where the functional currency is other than the U.S. dollar, are translated into U.S. dollars. Given our global operations, we also pay for the ingredients, raw materials and commodities used in our business in numerous currencies. Fluctuations in exchange rates, including as a result of inflation, central bank monetary policies, currency controls or other currency exchange restrictions or geopolitical instability have had, and could continue to have, an adverse impact on our financial performance.”

Annual report 2025A · The company itself

“Foreign Exchange Our operations outside of the United States generated 44% of our consolidated net revenue in 2025, with Mexico, Russia, Canada, China, the United Kingdom, Brazil and South Africa, collectively, comprising 25% of our consolidated net revenue in 2025. As a result, we are exposed to foreign exchange risks in the international markets in which our products are made, manufactured, distributed or sold.”

Annual report 2025A · The company itself

“We are a global company, with operations in approximately 65 countries and products sold in about 180 countries and territories around the world. We hold assets, incur liabilities, generate sales and pay expenses in a variety of currencies other than the U.S. dollar, and our operations outside the U.S. generate more than 50% of our annual net sales.”

Annual report 2026A · The company itself

“Market Risk The profitability of many of our insurance and annuity products, as well as the fees we earn in our investment management business, are subject to market risk. Market risk is the risk of loss from changes in interest rates, equity prices and foreign currency exchange rates.”

Annual report 2025A · The company itself

“Derivative instruments that we use to hedge and manage foreign exchange, interest rate and equity market risks associated with our products and businesses, and other risks might not perform as intended or expected, resulting in higher-than-expected realized losses and stresses on liquidity and/or regulatory capital.”

Annual report 2025A · The company itself

“Our significant business operations outside the U.S. subject us to foreign exchange risk, which is the risk of loss arising from assets that are invested in a different currency than the related liability, as well as the unhedged portion of the Company’s earnings from, and capital supporting, operations in a foreign currency. 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 investment portfolio.”

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.”

Annual report 2025A · The company itself

“Ohjeistus perustuu oletukselle, että valuuttakursseissa ei 2 tapahdu merkittäviä muutoksia vuoden 2025 lopun tasosta eikä mahdolliset tuontitullit merkittävästi heikennä yhtiön suhteellista kilpailukykyä avainmarkkinoilla.”

Annual report 2025A · The company itself

“Kannattavuuden heikkenemiseen vaikuttivat valuuttakurssitappiot sekä liikevaihdon lasku.”

Annual report 2025A · The company itself

“Lisäksi epävarmuustekijöitä ovat valuuttojen kurssikehitys, tietojärjestelmien toimivuus, toimitusvarmuuteen ja logistiikkaan liittyvät riskit, IPR-riskit sekä rahoituksen hinta ja saatavuus.”

Annual report 2025A · The company itself

“Because Solventum’s financial statements are denominated in U.S. dollars and a material percentage of its revenues are derived from outside the U.S., Solventum’s results of operations and its ability to realize projected growth rates in sales and earnings could be adversely affected by volatility in foreign currency exchange rates, particularly if the value of the U.S. dollar strengthens significantly against foreign currencies.”

Annual report 2025A · The company itself

“Strategiset riskit Makrotalous, geopolitiikka ja valuuttakurssit Muutoksilla maailmantalouden olosuhteissa, kuten markkinoiden äkillisillä korjausliikkeillä ja valuuttakurssien epävakaudella, voi olla olennaisen kielteinen vaikutus yhtiön tulokseen, rahavirtaan ja taloudelliseen tilanteeseen.”

Annual report 2025A · The company itself

“Herkkyydet on laskettu sen perusteella, mikä vaikutus 5 %:n muutoksella euron, Ruotsin kruunun, Yhdysvaltain dollarin, Ison-Britannian punnan ja Australian dollarin, sekä 10 %:n muutoksella Uruguayn peson arvossa olisi.”

Annual report 2025A · The company itself

“Politiska, geopolitiska och makro-ekonomiska risker Efterfrågan på försvarsmateriel är beroende av att stater har politiskt mandat och vilja samt statsfinansiell möjlighet att göra försvarsinvesteringar. Försvarsindustrin påverkas därför av en rad makroekonomiska faktorer, som exempelvis tillväxttakten i den globala ekonomin, handelshinder och valutakursförändringar. Den är också exponerad för geopolitiska risker och säkerhetssituationen i världen.”

Annual report 2024A · The company itself

“Fluctuations in currency exchange rates may lead to lower revenues and earnings. Sales made by our stores outside the U.S. are denominated in the currency of the country in which the store is located, and changes in currency exchange rates affect the translation of the sales and earnings of these businesses into U.S. dollars for financial reporting purposes. As a result, movements in currency exchange rates have had, and are expected to continue to have, a significant impact on our consolidated and segment results from time to time.”

Annual report 2026A · The company itself

“Our consolidated financial statements are denominated in U.S. dollars, and to prepare those financial statements we must translate the amounts of the assets, liabilities, net sales, other revenues and expenses of our operations outside of the U.S. from local currencies into U.S. dollars using exchange rates for the current period. This exposure to exchange rate fluctuations could have an adverse effect on our reported results of operations and net asset balances.”

Annual report 2025A · The company itself

“Our significant non-U.S. operations, particularly our London market operations, expose us to exchange rate fluctuations and various other risks that could impact our business. A significant portion of our operations is conducted outside of the U.S.”

Annual report 2025A · The company itself

“QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK Financial Risk Management We are exposed to market risk from changes in foreign currency exchange rates. In order to manage the risk arising from these exposures, we enter into a variety of foreign currency derivatives.”

Annual report 2025A · The company itself

“Taloudellinen katsaus Vuonna 2024 54% (57) myynnistä ja 53% (52) operatiivisista kuluista oli euromääräisiä, ja 32% (28) myynnistä ja 23% (24) operatiivisista kuluista oli Yhdysvaltain dollareita.”

Annual report 2024A · The company itself

“FOREIGN CURRENCY EXCHANGE RISK We operate on a global basis and are exposed to the risk that our financial condition, results of operations and cash flows could be adversely affected by changes in foreign currency exchange rates. To reduce the potential effects of foreign currency exchange rate movements on net earnings, we enter into derivative financial instruments in the form of foreign currency exchange forward contracts with major financial institutions.”

Annual report 2025A · The company itself

“These include, among other things, currency fluctuations, capital and exchange control regulations, expropriation and other restrictive government actions.”

Annual report 2025A · The company itself

“Foreign exchange rate fluctuations and potential currency controls affect our results of operations, as reported in our financial statements. We conduct operations in many areas of the world, involving transactions denominated in a variety of currencies. In 2025, we generated approximately 42% of our revenue in currencies other than the U.S. dollar, principally the euro, Brazilian real, Australian dollar, British pound, Canadian dollar and Chinese renminbi.”

Annual report 2025A · The company itself

“We are subject to currency exchange rate risk to the extent that our costs are denominated in currencies other than those in which we earn revenue. In addition, because our financial statements are reported in U.S. dollars, changes in currency exchange rates, including changes in countries with highly inflationary economies, between the U.S. dollar and other currencies have had, and will continue to have, an impact on our results of operations.”

Annual report 2025A · The company itself

“Foreign exchange rates Significant portions of our revenue and costs are exposed to changes in foreign exchange rates. Our products are sold in more than 100 countries and, as a result, our revenue is influenced by changes in foreign exchange rates. For the year ended December 31, 2025, approximately 42% of our revenue was denominated in foreign currencies.”

Annual report 2025A · The company itself

“The Company's business is also impacted by social, political, and labor conditions in locations in which the Company or its suppliers or customers operate; adverse changes in the availability and cost of capital; monetary policy; interest rates; inflation; recession; commodity prices; currency volatility or exchange control; ability to expatriate earnings; and other laws and regulations in the jurisdictions in which the Company or its suppliers or customers operate.”

Annual report 2025A · The company itself

“These geopolitical tensions could result in, among other things, cyberattacks, supply chain disruptions (including limitations on access to rare earth minerals and other raw materials), higher energy and other commodity costs, lower consumer demand, and changes to foreign exchange rates and financial markets, and tariffs and trade restrictions may result in increased production costs and product pricing, further supply chain disruptions, limited access to end markets, lower profitability, and uncertainty related to planning long-term investments and strategies, and may have other competitive effects.”

Annual report 2025A · The company itself

“Quantitative and Qualitative Disclosures About Market Risk In the context of Item 7A, 3M is exposed to market risk due to the risk of loss arising from adverse changes in foreign currency exchange rates, interest rates and commodity prices. Changes in those factors could impact the Company’s results of operations and financial condition.”

Annual report 2025A · The company itself

“Finansiella risker De huvudsakliga finansiella riskerna som Tractionkoncernen är exponerad mot är prisrisker, det vill säga risken för värdeförändring i ett finansiellt instrument på grund av förändringar i antingen aktiekurser, obligationskurser, valutakurser eller räntor.”

Annual report 2024A · The company itself

“En försvagning av SEK mot andra valutor ökar Active Biotechs redovisade tillgångar, skulder, intäkter och resultat, medan en förstärkning av SEK mot andra valutor minskar dessa poster.”

Annual report 2024A · The company itself

“Macroeconomic conditions, including economic downturns, inflation, tariffs, and currency fluctuations, also influence consumer discretionary spending, which is crucial for our business.”

Annual report 2025A · The company itself

“A significant portion of our bookings and revenue are denominated in foreign currencies, and our financial results are exposed to changes in foreign exchange rates.”

Annual report 2025A · The company itself

“In addition, we have recently experienced increased volatility in foreign currency exchange rates, due to a number of factors, including geopolitical and economic developments. We may not be able to effectively manage such volatility, and our financial results have in the past and could in the future be adversely impacted as a result of such volatility.”

Annual report 2025A · The company itself

“We utilize feasibility studies to estimate the anticipated economic returns of an exploration project. The actual project profitability or economic feasibility may differ from such estimates as a result of factors such as, but not limited to, changes in volumes, grades and characteristics of resources to be mined and processed; changes in labor costs or availability of adequate and skilled labor force; the quality of the data on which engineering assumptions were made; adverse geotechnical conditions; availability, supply and cost of water and power; fluctuations in inflation and currency exchange rates; delays in obtaining environmental or other government permits or approvals or changes in the laws and regulations related to our operations or project development; changes in royalty agreements, laws and/or regulations around royalties and other taxes; and weather or severe climate impacts.”

Annual report 2025A · The company itself

“Exchange rates impacted reported revenue growth negatively by approximately 1 percentage point”

Annual report 2025A · The company itself

“Foreign Exchange Risk We operate in over 40 countries across the world and, as a result, we are exposed to movements in foreign currency exchange rates.”

Annual report 2026A · The company itself

“We are subject to fluctuations in foreign currency exchange rates relative to the U.S. dollar in the non-U.S. jurisdictions where we do business. While we have a program in place that is designed to reduce our exposure to foreign currency exchange rate fluctuations through foreign currency hedging arrangements, our hedging efforts do not completely offset the effect of these fluctuations on our revenues and earnings.”

Annual report 2025A · The company itself

“The Company conducts business in many foreign currencies through its worldwide operations, and as a result, is subject to foreign exchange exposure due to changes in exchange rates of the various currencies, including possible foreign currency restrictions and/or devaluations. Changes in exchange rates can positively or negatively affect the Company’s sales, operating margins and equity.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“Foreign Currency Exchange Risk The Company has consolidated subsidiaries in more than 75 countries. For the majority of the Company’s subsidiaries located outside the United States, the local currency is the functional currency except certain significant subsidiaries in Switzerland where Euro is the functional currency, and Brazil and Argentina where U.S. dollar is the functional currency.”

Annual report 2025A · The company itself

“In addition, pursuing investment opportunities outside the U.S. presents challenges not faced by U.S. investments, such as different legal and tax regimes and currency fluctuations, which require additional resources to address. To accommodate the needs of global investors and strategies we must structure investment products in a manner that addresses tax, regulatory and legislative provisions in different, and sometimes multiple, jurisdictions.”

Annual report 2025A · The company itself

“In addition, we are exposed to, among other factors, fluctuations in currency values, changes in relationships between U.S. and foreign governments, war or other hostilities, and other regulations that may materially affect our earnings.”

Annual report 2025A · The company itself

“Currency fluctuations had a positive impact of 2.1% on revenue growth in the full year 2024.”

Annual report 2024A · The company itself

“The Group’s foreign currency risk relates to the Group’s operating, investing, and financing activities denominated in a foreign currency. This includes the Group’s revenues, expenses, capital expenditures, and net investments in foreign subsidiaries. The Group’s reporting currency is the United States dollar (“USD”), and the predominant currencies transacted by the Group’s subsidiaries are the USD, the Norwegian krone (“NOK”), the Danish krone (“DKK”), and the EU euro (“EUR”).”

Annual report 2024A · The company itself

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

Annual report 2024A · The company itself

“We derive a significant portion of our revenues and operating income outside of the United States and, as a result, we are exposed to market risk from changes in foreign currency exchange rates that could impact our results of operations, financial position and cash flows.”

Annual report 2026A · The company itself

“In addition, our operations in international markets are conducted primarily in the local currency of those countries. Since our Consolidated Financial Statements are denominated in U.S. dollars, amounts of assets, liabilities, net sales, and other revenues and expenses denominated in local currencies must be translated into U.S. dollars using exchange rates for the current period. As a result, foreign currency exchange rates and fluctuations in those rates may adversely impact our financial performance.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“Intäkter från valutaväxling påverkas av hur stor andel av kundernas handel som sker i utländska värdepapper. Under 2024 var andelen courtagegenererande omsättning i utländska aktier 24 (16) procent, vilket är den högsta andelen någonsin.”

Annual report 2024A · The company itself

“The difference between reported revenue and in local currencies was due to the declining value of the dollar”

Annual report 2026A · The company itself

“133BRevenue Revenue was DKK 731m (2024/25: DKK 693m), corresponding to growth of 5.5% year-on-year (8.7% in local currencies) driven by growth across most markets. revenue and grew by 11.6% in local currencies (6.6% in reported revenue).”

Annual report 2026A · The company itself

“Currency movements had a positive impact on the gross margin of 0.6pp compared to last year.”

Annual report 2026A · The company itself

“Dock kvarstår en obalans och då exponeras koncernen för valutarisk.”

Annual report 2024A · The company itself

“During fiscal 2026, foreign currency exchange rate fluctuations were primarily driven by the strength of the U.S. dollar against the Canadian dollar compared to the prior-year period. We estimate that the foreign currency exchange rate fluctuations had an unfavorable impact on our revenue of approximately $16 million in fiscal 2026.”

Annual report 2026A · The company itself

“Foreign exchange: FX movements negatively impacted reported revenue by 4 mEUR. 2.”

Annual report 2025A · The company itself

“Revenue showed a decline versus 2024 of 9% and amounted to 337 mEUR (2024: 371 mEUR). The performance was in line with expectations when adjusting for the impact of foreign exchange rates, a lower sports win margin compared to the same quarter last year, and the regulatory transition in the Brazilian market.”

Annual report 2025A · The company itself

“Furthermore, we have navigated the impact of multiple tax increases across markets, significant changes in the media partnership landscape following Google policy updates, and continued headwinds from foreign exchange movements of approximately 9 mEUR and an adverse sports win margin impact of approximately 17 mEUR in 2025 alone.”

Annual report 2025A · The company itself

“Marknadsrisk - valutarisk Koncernens valutarisk består av transaktionsexponering och omräkningsexponering.”

Annual report 2024A · The company itself

“BioInvents valutaexponering ökar i takt med att utvecklingsprojekt drivs framåt i värdekedjan och kostnader för tjänster som kliniska prövningar och toxikologiska studier ökar. Dessa tjänster genomförs ofta i utlandet och erläggs i utländsk valuta. Valutaflöden i samband med köp och försäljning av varor och tjänster i andra valutor än SEK ger upphov till en transaktionsexponering.”

Annual report 2024A · The company itself

“Under 2024 fakturerades 2 (62) procent av intäkterna i utländsk valuta.”

Annual report 2024A · The company itself

“Cirka 62 (54) procent av kostnaderna 2024 fakturerades i utländsk valuta, i huvudsak EUR och GBP.”

Annual report 2024A · The company itself

“Valutaneutralt uppgick bruttovinstmarginalen till 52,5 procent, en minskning om 1,5 procentenheter. ● Rörelseresultatet uppgick till 101,8 MSEK (100,6), en ökning om 1,3 procent. Valutaneutralt uppgick rörelseresultatet till 94,5 MSEK, en minskning om 6,0 procent. ● Resultat efter skatt uppgick till 72,7 MSEK (76,0) en minskning om 4,4 procent. ● Resultat per aktie före och efter utspädning uppgick till 2,89 SEK (3,02).”

Annual report 2024A · The company itself

“Economic, financial, and tax risks: •a deterioration of general macroeconomic conditions; •any inability to secure financing on favorable terms, or at all; •our ability to service our debt, including our Convertible Notes and our Senior Notes (each as defined below); •counterparty risk with respect to our convertible note hedge transactions; •our bitcoin investments being subject to volatile market prices and other risks of loss; •foreign exchange rates risks; and •any greater-than-anticipated tax liabilities or significant valuation allowances on our deferred tax assets.”

Annual report 2025A · The company itself

“Foreign Operations We have significant operations outside the U.S. They are conducted through our subsidiaries, distributors and alliances. International operations are subject to certain risks, which are inherent in conducting business abroad, including, but not limited to, currency fluctuations, possible nationalization or expropriation, price and exchange controls, counterfeit products, limitations on foreign participation in local enterprises and other restrictive governmental actions.”

Annual report 2025A · The company itself

“Similarly, global events such as the Ukraine-Russia conflict, tensions between the U.S. and China and other geopolitical events and conflicts can increase the volatility of the financial markets, foreign currency exchanges and interest rates.”

Annual report 2025A · The company itself

“Konsernet selger ca. 34,7 % utenfor Norge, men kjøper også varer i utenlandsk valuta.”

Annual report 2024A · The company itself

“The adverse currency impact mainly related to the Chinese, Laotian, Vietnamese, Kazakh and Ukrainian currencies.”

Annual report 2025A · The company itself

“Reported revenue was -5.8%, impacted by the weaker Laotian and Chinese currencies.”

Annual report 2025A · The company itself

“Macroeconomic and financial volatility includes inflationary pressures, interest rate fluctuations, currency instability and unemployment, and can impact consumer sentiment and our financial flexibility.”

Annual report 2025A · The company itself

“•Fluctuations in foreign currency exchange rates may adversely impact our financial results. •Our investments in port destinations and exclusive islands may expose us to additional risks. •Overcapacity and competition in the cruise and land-based vacation industry may negatively impact our cruise sales, pricing and destination options. •Inability to implement our shipbuilding programs and ship repairs, maintenance and refurbishments may adversely impact our business operations and the satisfaction of our guests. •Changes in and non-compliance with laws and regulations under which we operate, such as those relating to health, environment, safety and security, data privacy and protection, anti-money laundering, anti-corruption, economic sanctions, trade protection measures, labor and employment, and tax may be costly and lead to litigation, enforcement actions, fines, penalties and reputational damage.”

Annual report 2025A · The company itself

“Our worldwide operations are affected by global and regional industrial, economic and political factors, trade policies and trends. They are also affected by changes in the general level of economic activity, such as changes in business and consumer spending, construction and shipping activity as well as short-term economic factors such as currency fluctuations, commodity price volatility and supply disruptions.”

Annual report 2025A · The company itself

“Vidare uppstår finansiella risker eftersom koncernen har behov av extern finansiering och använder olika valutor.”

Annual report 2024A · The company itself

“Valuta Valutakursförändringar kan påverka bolagets resultat negativt när intäkter från försäljning och kostnader för produktion och inköp är i skilda valutor (transaktionsrisk). En negativ effekt på bolagets resultat kan också inträffa när de utländska dotterföretagens resultat räknas om till SEK och på bolagets eget kapital när de utländska dotterföretagens nettotillgångar räknas om till SEK (omräkningsrisk).”

Annual report 2024A · The company itself

“In addition, we closely monitor industry news, trade tariffs, weather, exchange rates, foreign demand, geopolitical crises and other world events that may affect our ingredient prices or available supply.”

Annual report 2025A · The company itself

“Chubb uses forwards to minimize the effect of fluctuating foreign currencies as discussed above.”

Annual report 2025A · The company itself

“The current global macroeconomic environment is volatile and can be adversely impacted by exchange rates, interest rates, inflation, public health emergencies, natural disasters and geopolitical trends adversely impacting customer spending, global supply chains, and component costs, any of which could also have an adverse impact on us.”

Annual report 2025A · The company itself

“As our consolidated financial statements are presented in U.S. dollars, we must translate our foreign subsidiaries’ financial statements from local currencies into U.S. dollars at exchange rates in effect during or at the end of each reporting period. Therefore, any increases or decreases in the value of the U.S. dollar against the other currencies may affect our operating income and the value of balance sheet items denominated in foreign currencies.”

Annual report 2025A · The company itself

“Foreign Currency Exchange Rate Risk Foreign Currency Transaction Risk We have foreign currency transaction risk related to changes in exchange rates on monetary assets, liabilities, revenues and expenses held at subsidiaries where those balances and activity are denominated in a currency other than the subsidiary's functional currency. Gains and losses on foreign currency transactions result primarily from cash, debt and other monetary assets, liabilities, revenues and expenses denominated in British pounds, euros and Japanese yen.”

Annual report 2025A · The company itself

“Macroeconomic conditions and other factors, including changes in currency exchange rates, may also result in shifting consumer preferences toward other types of destinations, experiences and products.”

Annual report 2025A · The company itself

“•The impact of international conflicts and the global response to international conflicts on the global and local economy, financial markets, energy markets, currency rates and our ability to supply product to, or through, affected countries. •Our substantial and expanding international operations and the challenges of managing an organization spread throughout multiple countries and complying with a variety of legal, compliance and regulatory requirements. •The actual imposition or threats of tariffs, customs duties and fees by the U.S. government and other nations in response and other retaliatory actions, such as trade protection measures, import or export licensing requirements, new or different customs duties, trade embargoes and sanctions and other trade barriers, as well as the impact of the Company’s efforts to mitigate the effects of such tariffs or similar measures.”

Annual report 2025A · The company itself

“Additionally, the display glass business is exposed to exchange rate movements.”

Annual report 2025A · The company itself

“Fluctuations in the British Pound, Canadian Dollar, Australian Dollar, and Euro may have an impact on our business, results of operations, and financial position. For the years ended December 31, 2025 and December 31, 2024, revenue denominated in foreign currencies were approximately 9% and 5% of total revenue, respectively.”

Annual report 2025A · The company itself

“In addition, an increasing portion of our operating expenses is incurred outside the United States; is denominated in foreign currencies, such as the Australian Dollar, British Pound, Canadian Dollar, Euro, Indian Rupee, and Japanese Yen; and is subject to fluctuations due to changes in foreign currency exchange rates.”

Annual report 2026A · The company itself

“Foreign Currency Exchange Rate Risk As a result of our international business presence, we are exposed to foreign currency exchange rate risks. We transact business in foreign currencies and, as a result, our income experiences some volatility related to movements in foreign currency exchange rates.”

Annual report 2025A · The company itself

“Fluctuations in foreign currency exchange rates may adversely affect our revenues, operating results and cash flows from our international operations.”

Annual report 2025A · The company itself

“These include, among other things, international economic and political conditions, foreign currency fluctuations, trade disputes, potential increases in tariffs, differing cultures, and consumer preferences.”

Annual report 2026A · The company itself

“We are exposed to a variety of market risks, including interest rates and currency exchange rates. We attempt to actively manage these risks.”

Annual report 2025A · The company itself

“Changes in foreign currency exchange rates may reduce the reported value of our foreign currency denominated revenues, expenses, and cash flows.”

Annual report 2025A · The company itself

“EBIT-marginalen för 2024 blev 0,2 procent på grund av en lägre bruttomarginal grundad i dåliga marknadsförutsättningar med stark prispress och negativa valutaeffekter.”

Annual report 2024A · The company itself

“Finansiella risker avser risker för förändringar i bl a valutakurser, likviditet och räntenivåer samt skatte-, finansierings- och kreditrisker.”

Annual report 2024A · The company itself

“Kronen, målt ved den importveide indeksen I-44 beveget seg sideveis gjennom fjoråret, men med store svingninger. Ved utgangen av 2024 var den importveide valutakursen 5,2 prosent høyere enn ett år før (svakere krone).”

Annual report 2024A · The company itself

“While from time to time we enter into transactions to hedge portions of our foreign currency translation exposure, it is impossible to predict or eliminate the effects of this exposure. Fluctuations in foreign exchange rates could significantly impact our financial results, which may have a significant impact on the trading price of our common stock and debt securities.”

Annual report 2025A · The company itself

“Our business operations outside the United States are subject to the usual risks of foreign operations, including possible changes in trade and foreign investment laws, international business laws and regulations, tax laws, currency exchange rates and economic and political conditions. The profitability of our international operations is generally lower than the profitability of our businesses in the United States, due to (i) the additional cost of operating in numerous and diverse foreign jurisdictions with varying laws and regulations, (ii) higher costs of importing certain raw materials and finished goods in some regions, (iii) the smaller scale of international operations where certain operating locations are smaller in size and (iv) the additional reliance on distributors and agents in certain countries which can negatively impact our margins.”

Annual report 2025A · The company itself

“Valutaflöden i samband med köp och försäljning av varor och tjänster i andra valutor än SEK ger upphov till en så kallad transaktionsexponering.”

Annual report 2024A · The company itself

“Elkem’s result, cash flow and equity are exposed to fluctuations in currency exchange rates, and Elkem seeks to reduce the impact from changes in currency exchange rates by a pre-defined cash flow hedging programme.”

Annual report 2024A · The company itself

“N/A Low to moderate Currency risk Elopak’s business is exposed to fluctuations in exchange rates. Although Elopak’s reporting currency is Euro, many of the subsidiaries of Elopak operate in different geographical regions, have different functional currencies and transact in a range of currencies in addition to EUR and their respective functional currencies.”

Annual report 2024A · The company itself

“Rahoitusriskien ja pääoman hallinta Enersense altistuu liiketoiminnassaan maksuvalmius-, luotto-, valuutta- ja korkoriskille. Enersensen rahoitusriskien hallinnan tavoitteena on pienentää rahoitusmarkkinoiden muutoksista johtuvien tekijöiden vaikutusta yhtiön tulokseen, toimintaan ja taserakenteeseen.”

Annual report 2025A · The company itself

“Omvärldens osäkerhet har ökat av flera faktorer, inklusive internationella konflikter och ekonomiska utmaningar som en försvagad valuta och konjunktur.”

Annual report 2024A · The company itself

“Risken att fluktuationer i växelkurser mellan olika valutor kommer att ha negativ effekt på koncernens försäljning och resultat samt omräkningen av utländska dotterföretags tillgångar och skulder till moderbolagets funktionella valuta, vilka hanteras genom att koncernen löpande utvärderar nettoexponeringen i respektive valuta i syfte att bedöma effekterna på koncernens resultat.”

Annual report 2024A · The company itself

“Further, a substantial portion of our TRSs are overseas, and a material change in foreign currency rates could also negatively impact our ability to remain qualified for taxation as a REIT.”

Annual report 2025A · The company itself

“See Note 3 within the Consolidated Financial Statements. •We raised $4.4 billion of capital to support organic growth, land and building acquisitions and required debt refinancings. This included the following: ◦Throughout 2025, we issued $4.3 billion of senior notes due between 2029 and 2034. The issuances were denominated in euros, U.S. dollars, Singapore dollars and Canadian dollars and were translated at the exchange rates in effect on issuance.”

Annual report 2025A · The company itself

“Orgaanisesti liikevaihto laski 5,0 prosenttia. Vertailukelpoisilla valuuttakursseilla laskettuna orgaanisesti liikevaihto laski 5,6 prosenttia.”

Annual report 2025A · The company itself

“Operations outside the eurozone expose F-Secure to currency fluctuation risks. Exchange rate changes could adversely affect F-Secure's financial position, key figures, and covenants.”

Annual report 2025A · The company itself

“Additionally, some of our business is and will be conducted in currencies other than the U.S. dollar. Substantial movements in foreign exchange rates relative to the dollar could adversely impact our cash flows, results of operations and financial position.”

Annual report 2025A · The company itself

“Foreign Currency Forward Contracts We maintain a program to manage our foreign exchange rate risk on existing foreign-currency-denominated receivable and cash balances by entering into forward contracts to sell or buy foreign currencies.”

Annual report 2025A · The company itself

“We utilize derivative instruments to manage market risks associated with fluctuations in certain foreign currency exchange rates as they relate to specific balances of accounts receivable and cash denominated in foreign currencies. We principally utilize foreign currency forward contracts to protect against market risks arising in the normal course of business.”

Annual report 2025A · The company itself

“Kommersiellt 3 781 kvm FINANSIERING Köpenhamn Fælledkanten ÖVERSIKT VERKSAMHET VÄRDERING FINANSIERING HÅLLBARHET FINANSIELL INFORMATION BOLAGSSTYRNING ÖVRIG INFORMATION FINANSIERING Med en diversifierad finansieringsstruktur säkrar Balder en långsiktigt hållbar finansiering.”

Annual report 2024A · The company itself

“•Union disputes or other labor disruptions could adversely affect our operations and financial results. •Our strategic relationships with major customers create risks. •Evolving regulations relating to data center development, energy consumption, and utility infrastructure could adversely affect demand for our products and services. •Changes in our effective tax rate, the adoption of new tax legislation, or exposure to additional tax liabilities has in the past adversely affected, and could in the future adversely affect, our results of operations and financial condition. •Our debt level may create limitations.”

Annual report 2026A · The company itself

“Factors such as fluctuations in our operating results, announcements of technological innovations or events affecting other companies in the electronics industry, currency fluctuations, general market fluctuations, and macro-economic conditions may cause the market price of our ordinary shares to decline.”

Annual report 2026A · The company itself

“The decline in value of foreign currencies can also contribute significantly to competitive pressures in many of our markets.”

Annual report 2025A · The company itself

“•Investors’, activists’ and regulators’ expectations of our investments and performance relating to operational sustainability factors may impose additional costs and expose us to new risks. •We are exposed to fluctuations in currency exchange rates, which could negatively affect our financial condition and results of operations. •Our proprietary rights may be difficult to enforce and we may be subject to claims by others that we infringe their proprietary technology. •The trading price of our common stock may be volatile, which volatility may be exacerbated by share repurchases under our Share Repurchase Program (the “Repurchase Program”). •Anti-takeover provisions contained in our certificate of incorporation and bylaws, as well as provisions of Delaware law, could impair a takeover attempt. •Global economic uncertainty can weaken and harm our financial position.”

Annual report 2025A · The company itself

“Such risks include: ● inflation or changes in political and economic conditions; ● logistical challenges, including extended container port congestion, and higher logistics costs; ● unstable regulatory environments; ● changes in import and export duties; ● domestic and foreign customs and tariffs; ● currency rate fluctuations; ● trade restrictions; ● labor or civil unrest; ● geopolitical conflict such as that experienced in Ukraine or the Middle East; ● disputes in our relationships with certain contract manufacturers or suppliers; ● communications challenges; and ● other restraints and burdensome taxes.”

Annual report 2025A · The company itself

“International net sales increased 9 percent in fiscal 2026 compared to fiscal 2025, driven by favorable foreign currency exchange impacts, an increase in contributions from volume growth, and favorable net price realization and mix.”

Annual report 2026A · The company itself

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

Annual report 2025A · The company itself

“Fluktuationer i valutakurser och räntenivåer samt förändring i motparters kreditprofil kan påverka koncernens resultat- och balansräkning negativt.”

Annual report 2024A · The company itself

“We may experience adverse impacts resulting from the importation of our products from lower price markets or the distribution of illegally diverted or counterfeit versions of our products. Prices for our products are based on local market economics and competition and sometimes differ from country to country. Our sales in countries with relatively higher prices may be reduced if products can be imported and resold into those countries from lower price markets.”

Annual report 2025A · The company itself

“In certain of the jurisdictions in which we operate, we may become subject to exchange control regulations that might restrict or prohibit the conversion of our foreign currencies into U.S. dollars or limit our ability to freely move currency in or out of particular jurisdictions. The occurrence of any of these factors could decrease the value of revenues we receive from our international operations and have a material adverse effect on our business, financial condition, results of operations and cash flows.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“Currency options, spot/forwards and other derivatives on G-10 currencies and emerging-market products.”

Annual report 2025A · The company itself

“Delivery Risk Like in 2023, Goodtech continued to experience high levels of activity and a growing order backlog in 2024, with a significant portion of revenue derived from the procurement of goods delivered as part of the Group’s projects. This increased exposure to procurement has heightened the focus on foreign exchange risk when purchases are made in currencies different from the delivery market, as well as risks related to delivery times and general supply chain stability.”

Annual report 2024A · The company itself

“Goodtech operates and delivers projects across multiple countries, with contracts primarily in NOK, SEK, EUR, and USD. Currency fluctuations can impact earnings in NOK for international projects.”

Annual report 2024A · The company itself

“Goodtech also continuously evaluates the effects of interest rate, inflation, and currency fluctuations on its value chain.”

Annual report 2024A · The company itself

“Hafnia is exposed to various commercial, operational, financial, and climate-related risks. Hafnia’s activities expose the company to a variety of financial risks: market risk (including price risk and currency risk), interest rate risk, credit risk, liquidity risk and capital risk.”

Annual report 2022A · The company itself

“HAKI Safetys exportförsäljning sker i allt väsentligt i SEK, NOK, DKK, EUR, GBP, CAD och USD.”

Annual report 2023A · The company itself

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

Annual report 2026A · The company itself

“The Company’s investment portfolio, Hartford Funds business, and insurance businesses are sensitive to changes in economic, political and global capital market conditions, such as the effect of a weak economy, including: •labor supply shortages •low labor force participation •lower family income •high unemployment •changes in interest rate levels •changes in credit spreads •equity market disruptions •rising inflation •changes in foreign currency exchange rates •a weak real estate market •lower business investment •lower consumer spending In an economic downturn, these factors may adversely affect the demand for insurance and financial products, insurance loss costs, valuation and returns on the investment portfolio, and lower the Company's profitability in some cases, including adverse impacts to our net investment income and operating results.”

Annual report 2025A · The company itself

“Kontinuerlig tillgång till finansiering är centralt då vi som ett förvärvsfokuserat institut ofta har ett fluktuerande kapitalbehov. För att minimera valutarisker matchas tillgångar och skulder i samma valuta i så hög grad som möjligt.”

Annual report 2024A · The company itself

“Förändringar i valutakurser påverkar koncernens resultat. Risken vid transaktionsexponering beror på att en väsentlig del av koncernens försäljningsintäkter är i andra valutor än kostnaderna.”

Annual report 2024A · The company itself

“Howmet sells many products to industries that are cyclical, such as the aerospace and commercial transportation industries, and the demand for our products is sensitive to, and quickly impacted by, demand for the finished goods manufactured by our customers in these industries, which may change as a result of changes in regional or worldwide economies, currency exchange rates, interest rates, inflation, energy prices or other factors beyond our control.”

Annual report 2025A · The company itself

“Volatility in currency exchange rates may adversely affect our financial condition, results of operations and cash flows. Our international operations accounted for approximately 7% of our Net sales in 2025. We are exposed to the effects (both positive and negative) that fluctuating exchange rates have on translating the financial statements of our international operations, most of which are denominated in local currencies, into the U.S. dollar.”

Annual report 2025A · The company itself

“Hyperinflation and high interest rates and high volatility in exchange rates could worsen the business conditions some market areas.”

Annual report 2025A · The company itself

“Our results of operations are also susceptible to changes in foreign currency exchange rates.”

Annual report 2025A · The company itself

“To the extent that our non-U.S. source revenues represent a more significant portion of our total revenues, these fluctuations could materially affect our operating results.”

Annual report 2025A · The company itself

“• Omräkningsexponering uppstår som ett resultat av att koncernen genom utländska dotterbolag har nettoinvesteringar i utländska valutor.”

Annual report 2024A · The company itself

“Indutradekoncernens transaktionsexponering uppstår då dotterbolagen importerar produkter för försäljning på den inhemska marknaden och/eller säljer produkter i utländsk valuta. Eliminering av valutakurseffekter görs så långt det är möjligt genom användning av valutaklausuler i kundkontrakt och genom försäljning i samma valuta som inköpet sker.”

Annual report 2024A · The company itself

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

Annual report 2025A · The company itself

“These risks, which can vary substantially by country, may include economic or political instability, geopolitical events, corruption, anti-American sentiment, expropriation measures, social and ethnic unrest, natural disasters, military conflicts and terrorism, the regulatory environment (including the risks of operating in developing or emerging markets in which there are significant uncertainties regarding the interpretation and enforceability of legal requirements and the enforceability of contractual rights and intellectual property rights), adverse currency fluctuations, foreign exchange control regimes (including restrictions on currency conversion), downturns or changes in economic conditions (including in relation to commodity inflation), adverse tax consequences or rulings, import restrictions, controls or other trade protection measures, economic sanctions, health guidelines and safety protocols, nationalization, changes in social, political or labor conditions, and adverse developments regarding sustainability, environmental regulations and trade policies and agreements, any of which risks could negatively affect our financial results.”

Annual report 2025A · The company itself

“Adverse movements in foreign exchange rates relating to foreign currency denominated commodities, assets and liabilities, and transactions could have a material impact on our business, financial condition, results of operations and/or future prospects.”

Annual report 2025A · The company itself

“Valutaexponering uppstår till följd av omräkning av balansposter i utländsk valuta (balansexponering), vid betalningsflöden i utländsk valuta (transaktions - exponering) och vid omräkning av utländska dotterföretags balans- och resultaträkningar till koncernens redovisningsvaluta (omräkningsexponering).”

Annual report 2022A · The company itself

“•Foreign Currency Transaction Risk. We are subject to foreign currency transaction risk for fluctuations in exchange rates during the period of time between the consummation and cash settlement of a transaction. We earn revenues from our service contracts over a period of several months and, in some cases, over several years. Accordingly, exchange rate fluctuations during this period may affect our profitability with respect to such contracts. •Foreign Currency Risk from Differences in Customer Contract Currency and Operating Costs Currency.”

Annual report 2025A · The company itself

“Foreign Currency Exchange Rates We transact business in more than 100 countries and approximately 60 currencies and are subject to risks associated with fluctuating foreign currency exchange rates. Our objective is to reduce earnings and cash flow volatility associated with foreign currency exchange rate movements. Accordingly, we enter into foreign currency forward contracts to hedge certain forecasted foreign currency cash flows related to service contracts.”

Annual report 2025A · The company itself

“ITAB Shop Concept är genom sin internationella verksamhet exponerat för valutarisker. Dessa kan delas in i transaktionsrisk, risk vid omräkning av utländska dotterbolags resultaträkningar samt risk vid omräkning av utländska dotterbolags balansräkningar.”

Annual report 2024A · The company itself

“At September 30, 2025 and 2024, the Company estimates that an unfavorable 10% change in the exchange rates would have decreased net unrealized gains by approximately $214 million and $144 million, respectively.”

Annual report 2025A · The company itself

“The impact of these actions could be accentuated in trading markets that are smaller, less liquid and more volatile than more-developed markets. These types of government actions can negatively affect JPMorganChase’s operations in the relevant country, either directly or by suppressing the local business activities of clients.”

Annual report 2025A · The company itself

“Valuuttakurssien muutoksilla oli 2 prosenttiyksikön negatiivinen vaikutus Kalmarin saatuihin tilauksiin.”

Annual report 2025A · The company itself

“Quantitative and Qualitative Disclosures About Market Risk Foreign Currency Risk The global nature of our operations (particularly, the EU, China, Canada, the United Kingdom, Brazil, and India), both in the manufacture and sale of our products, results in foreign currency exposure to our financial statements. Because we manufacture and sell products and finance operations in a number of countries throughout the world, we are exposed to the impact of movements in currency exchange rates on revenue and expenses.”

Annual report 2025A · The company itself

“Net sales increased in comparable terms by 2.2% in Finland, while in the other operating countries, net sales increased by 2.6%.”

Annual report 2025A · The company itself

“We do not currently have operations in Russia, Ukraine, or the Middle East, but due to the impact of the ongoing conflicts in those regions on the global economy, we have experienced and may continue to experience supply chain constraints; inflation in input costs, logistics, manufacturing, and labor costs; volatility in fuel and commodity prices and fluctuations in foreign exchange rates and interest rates, any of which could adversely impact our results of operations.”

Annual report 2025A · The company itself

“Our results may be adversely affected by a number of foreign market risks: •Exposure to the movement of various currencies against each other and the U.S. dollar. Among other impacts, these movements could cause increases in dollar-based input costs for operations outside the U.S. due to weaker foreign exchange rates versus the U.S. dollar.”

Annual report 2025A · The company itself

“Merkittävä osa KONEen liikevaihdosta ja tuloksesta on muissa valuutoissa kuin euroissa, mikä altistaa KONEen valuuttakurssien muutoksista aiheutuville riskeille.”

Annual report 2025A · The company itself

“Due to its capital structure and the nature of its operations, the group is exposed to the following nancial risks: market risk (including foreign exchange rate risk, raw material price risk, and interest rate risk), credit risk as well as liquidity and capital management risk.”

Annual report 2024A · The company itself

“Tax Free, the shopping centre’s largest business area, continued to be affected by changes in the passenger mix and currency exchange rates.”

Annual report 2025A · The company itself

“Foreign Currency Risk We are exposed to foreign currency risks that arise in normal course of our business operations. These risks include the translation of local currency balances of foreign subsidiaries into U.S. dollars and transactions denominated in currencies other than a subsidiary’s functional currency.”

Annual report 2025A · The company itself

“In fiscal 2025, approximately 10% of our business was transacted in local currency environments.”

Annual report 2025A · The company itself

“The Company’s quarterly results of operations may vary significantly from quarter to quarter making it harder to predict future results. The Company’s results of operations may vary significantly from quarter to quarter and are influenced by factors over which the Company has little control, such as: •changes in the global economy, including the imposition of tariffs; •currency exchange rate fluctuations; •the commencement, completion, delay, or cancellation of large projects or contracts or groups of projects; •the progress of ongoing projects; •adverse weather, natural disasters, geopolitical events, public health crises, hostilities or acts of terrorism, acts of vandalism, disruption to supply chains, inaccessibility of natural resources, and other events beyond the Company’s control; •the timing of and costs associated with completed acquisitions or other events; and •changes in the utilization mix of the Company’s services.”

Annual report 2025A · The company itself

“Accordingly, exchange rate fluctuations during this period may affect the Company’s profitability with respect to such contracts.”

Annual report 2025A · The company itself

“Dessa innefattar valutarisker kopplade till förändringar i valutakurser vid export och import, ränterisker som är relaterade till likviditets- och skuldhantering samt kreditrisker vid försäljning.”

Annual report 2024A · The company itself

“Omsättningen ökade under 2024 med 6,9% till 26 137 (24 454) MSEK till följd av förvärv och organisk tillväxt inom Dental och Systems Solutions. Förvärv bidrog med 7,7% och valutakursförändringar påverkade omsättningen negativt med 0,3%.”

Annual report 2024A · The company itself

“Gross Profit and Net Earnings Gross profit in the year increased from the prior year comparable period primarily due to higher realized copper and gold prices, higher sales volumes, and favourable foreign exchange.”

Annual report 2024A · The company itself

“The prices of metals are influenced by supply and demand, exchange rates, interest rates and interest rate expectations, inflation or deflation and expectations with respect to inflation or deflation, speculative activities, changes in global economies, and geopolitical, social and other factors.”

Annual report 2024A · The company itself

“We operate internationally and are subject to the risks of doing business on a global level. These risks include fluctuations in currency exchange rates, economic instability and disruptions, restrictions on the transfer of funds and the imposition of trade restrictions or duties and tariffs, and complex regulations concerning privacy and data security.”

Annual report 2025A · The company itself

“We generate revenues from export sales and operations that may be denominated in currencies other than the relevant functional currency. Exchange rates between these currencies and functional currencies in recent years have fluctuated significantly and may do so in the future.”

Annual report 2025A · The company itself

“In addition to rising inflation, rising interest rates, the impact of banking failures or perceived failures and related contagion, consumer sentiment, political circumstances, military conflicts, and civil unrest may contribute to recessionary pressure. Our non-U.S. operations, import and export of products sold in currencies other than U.S. dollar (non-USD), non-USD intercompany loans, and our substantial international net assets also expose us to foreign currency exchange rate risk.”

Annual report 2026A · The company itself

“Foreign operations are subject to certain risks, including currency fluctuations. Refer to Item 1A - Risk Factors in Part I of this Annual Report for a risk factor related to fluctuations in foreign currency exchange rates, and risks from trade and tariffs.”

Annual report 2026A · The company itself

“Koncernen är exponerad mot valutarisk på transaktioner i den meningen att det finns en blandning mellan valutorna i vilken försäljning, inköp, fordringar och skulder är noterade och respektive funktionell valuta i koncernbolagen. Koncernen arbetar på en internationell bas där både intäkter och utgifter uppkommer i utländsk valuta.”

Annual report 2024A · The company itself

“Bruttomarginalen försvagades något då prisjusteringar inte fullt ut kunde kompensera för negativa valutakursförändringar och en förändrad försäljningsmix med en högre andel försäljning till företagskunder med generellt lägre marginaler.”

Annual report 2024A · The company itself

“Metso Corporation - Board of Directors' report and financial statements 2025 |11 Even though currency exposure of firm delivery and purchase agreements is hedged, exchange rate fluctuations may impact the company's financial position.”

Annual report 2025A · The company itself

“We use forward currency exchange contracts in an attempt to reduce the adverse earnings impact from the effect of exchange rate fluctuations on our non-U.S. dollar net balance sheet exposures. Nevertheless, in periods when the U.S. dollar significantly fluctuates in relation to the non-U.S. currencies in which we transact business, the value of our non-U.S. dollar transactions can have an adverse effect on our results of operations and financial condition.”

Annual report 2026A · The company itself

“Although we hedge a portion of our international currency exposure, significant fluctuations in foreign exchange rates between the U.S. dollar and foreign currencies could adversely affect our results of operations.”

Annual report 2026A · The company itself

“Many of these revenue and expenses are denominated in currencies other than the U.S. dollar. As a result, changes in foreign exchange rates may significantly affect revenue and expenses.”

Annual report 2026A · The company itself

“Foreign Currency Risk We transact business in various foreign currencies and have international sales and expenses denominated in foreign currencies. As a result, we are exposed to risks arising from changes in foreign currency exchange rates driven by both our business operations and economic conditions.”

Annual report 2025A · The company itself

“Fluctuations in the value of the U.S. Dollar relative to foreign currencies could increase the amount of foreign currency exchange losses we record, which could have an adverse and material impact on our results of operations.”

Annual report 2025A · The company itself

“The functional currency of our offshore non-sales operations is generally the local currency, primarily the Renminbi, the New Taiwan Dollar and the Euro. We incur foreign currency exchange gains or losses related to certain transactions, including intercompany transactions between the U.S. and our foreign subsidiaries, that are denominated in a currency other than the functional currency.”

Annual report 2025A · The company itself

“Because of these sizable sales and operations outside of the U.S., we have more complexity in our operations and are exposed to a unique set of global risks that could negatively impact our business, financial condition, results of operations, and cash flows, including but not limited to: (i) currency fluctuations, including but not limited to increased pressure to agree to established currency conversion rates and cost of living adjustments as a result of foreign currency fluctuations, (ii) import/export regulations, tariffs, trade barriers and trade disputes, customs classifications and certifications, including but not limited to changes in classifications or errors or omissions related to such classifications and certifications, (iii) compliance with and changes in U.S. and non-U.S. laws or regulations related to antitrust and competition (such as the EU Foreign Subsidies Regulation), anti-corruption (such as the Foreign Corrupt Practices Act and the U.K.”

Annual report 2025A · The company itself

“Växthusgasutsläppen som är förknippade med våra sålda produkter varierar avsevärt beroende på produkt och den geografiska region där de används. Vissa marknader har en högre andel fossilbaserad elektricitet i sin nätmix, vilket direkt påverkar de totala utsläppen från produktanvändning och utsläpp per såld enhet.”

Annual report 2024A · The company itself

“Med de stora skillnaderna i nätutsläppsfaktorer mellan regioner och länder påverkar förändringar i försäljningsvolym och regional mix utsläppen avsevärt.”

Annual report 2024A · The company itself

“Kapitalhantering Munters strävar efter optimal användning av rörelsekapital och ett starkt kassaflöde. Projektaffärer ska vara så kassaflödesneutrala som möjligt med en god genomloppsprocess under hela projektets tidslängd.”

Annual report 2024A · The company itself

“Quantitative and Qualitative Disclosures about Market Risk We are exposed to market risk related to fluctuations in interest rates and foreign currency exchange rates. We use certain derivative financial instruments to manage foreign currency exchange risks.”

Annual report 2026A · The company itself

“Infinera-yritysoston osuus liikevaihdosta oli 1 258 miljoonaa euroa ja valuuttakurssimuutosten negatiivinen vaikutus liikevaihtoon oli noin 4 %.”

Annual report 2025A · The company itself

“Valuuttakurssimuutoksilla oli noin 5 %:n negatiivinen vaikutus liikevaihtoon.”

Annual report 2025A · The company itself

“Valuuttakurssimuutoksilla oli noin 4 %:n negatiivinen vaikutus liikevaihtoon.”

Annual report 2025A · The company itself

“Valuuttakurssien vaikutus Nokia on maailmanlaajuisesti toimiva yhtiö, jonka liikevaihto syntyy useissa maissa ja jonka laskutus tapahtuu useissa eri valuutoissa. Tämän vuoksi Nokian liiketoiminta ja sen tulos ovat alttiita vaihteluille raportointivaluutan euron sekä muiden valuuttojen, kuten Yhdysvaltojen dollarin, vaihtokursseissa.”

Annual report 2025A · The company itself

“The Company is located in Norway and any investments done in markets or assets denominated in other currencies will expose the Company to currency risk.”

Annual report 2024A · The company itself

“Quantitative and Qualitative Disclosures About Market Risk We operate internationally and enter into intercompany transactions denominated in foreign currencies. Consequently, we are subject to market risk arising from exchange rate movements between the dates foreign currencies are recorded and the dates they are settled. We regularly use foreign exchange contracts to reduce our risks related to most of these transactions. These contracts, primarily associated with the euro, yen and pound sterling, typically have maturities of 90 days or less, and generally require the exchange of foreign currencies for U.S. dollars at rates stated in the contracts.”

Annual report 2025A · The company itself

“With this unique capability, we offer affordable, value-adding local solutions with the stability of a global company, serving as a natural hedge for market volatility.”

Annual report 2025A · The company itself

“Given that our Consolidated Financial Statements are denominated in U.S. dollars, amounts of assets, liabilities, net sales, and other revenues and expenses denominated in local currencies must be translated into U.S. dollars using exchange rates for the current period. As a result, foreign currency exchange rates and fluctuations in those rates may adversely impact our financial performance.”

Annual report 2025A · The company itself

“Changes in the value of foreign currencies against the U.S. Dollar affect our results of operations and financial condition. For the most part, because the revenue and expense of our foreign operations are both denominated in the same local currency, the economic impact on operating margin is minimized.”

Annual report 2025A · The company itself

“Makroøkonomiske og geopolitiske forhold har vært i stor endring de siste årene, og disse påvirker rentenivåene, valutakursene og den globale vareflyten.”

Annual report 2024A · The company itself

“2.4 Other operating income and expenses € million 2025 2024 Exchange gains and losses from foreign exchange derivatives — Market price gains and losses from commodity derivatives Market price gains and losses from derivative financial instruments Sale of services and rental income Gains on sale of non-current assets Gains from disposal of subsidiaries and businesses — Insurance compensation Other income items Total € million 2025 2024 Exchange gains and losses from foreign exchange derivatives -3 -6 Market price gains and losses from commodity derivatives -1 Market price gains and losses from derivative financial instruments -3 -7 Impairments and impairment reversals in non-current assets -7 businesses — -3 Loss on sale of non-current assets -3 -4 Other expense items -9 Total -9 -15 In year 2025, gains on sale of non-current assets include the sale of a land area in Pori, Finland and the sale of emission allowances.”

Annual report 2025A · The company itself

“In addition, foreign currency fluctuations have impacted, and may continue to impact, revenues and expenses of our international operations and expose us to exchange rate risk.”

Annual report 2024A · The company itself

“Such factors include: •changes in business relationships with and purchases by or from major customers, suppliers or distributors, including delays or cancellations in shipments, disputes regarding contract terms or significant changes in financial condition, and changes in contract cost and revenue estimates for new development programs; •changes in product mix; •changes in the market acceptance of our products; •increased competition in the markets we serve; •declines in the general level of industrial production; •weakness in the end-markets we serve; •fluctuations in the availability or the prices of raw materials; and •fluctuations in currency exchange rates.”

Annual report 2026A · The company itself

“2024 Cost of Sales Cost of sales decreased $1.8 billion, primarily due to: •a favorable change in sales mix of $1.4 billion driven by lower sales of Comirnaty and Paxlovid, including the non-recurrence of charges recorded in 2024 that were included in the 50% gross profit split with BioNTech and applicable royalty expenses; •a decrease of $633 million due to lower amortization from the step-up of acquired inventory; and •net favorable revisions to our estimate of accrued royalties, partially offset by: •a $288 million unfavorable impact of foreign exchange.”

Annual report 2025A · The company itself

“Market Risk––We are subject to foreign exchange risk, interest rate risk, and equity price risk.”

Annual report 2025A · The company itself

“Some of our competitors have different profit, volume and regulatory objectives, and some international competitors may be less susceptible than PMI to changes in currency exchange rates.”

Annual report 2025A · The company itself

“Certain countries in which we operate have adopted or could institute currency exchange controls and other regulations or policies that limit or prohibit our local subsidiaries' ability to convert local currency into U.S. dollars or to make payments outside the country.”

Annual report 2025A · The company itself

“Capital controls and/or foreign currency exchange constraints may affect the ability of our subsidiaries in impacted jurisdictions to settle foreign currency denominated imports of goods and services and/or to pay dividends and royalties. These factors may also increase foreign currency devaluation risks, which may have a negative impact on our net assets and results of operations in these jurisdictions.”

Annual report 2025A · The company itself

“The increase in operating expenses is mainly driven by foreign exchange effects, merit and inflation.”

Annual report 2024A · The company itself

“The net financial losses were driven mainly by the Ipsen earnout payments and foreign exchange losses and were partially offset by interest income and foreign exchange gains.”

Annual report 2024A · The company itself

“Rahoituseriin on kirjattu valuuttakurssien muutoksista aiheutuneet kurssivoitot ja -tappiot, joiden nettovaikutus tilikauden aikana oli -0,4 (-11,7) miljoonaa euroa.Koronvaihtosopimuksista on kirjattu tilikaudella tulosvaikutteisia arvostuskuluja 0,4 miljoonaa euroa.”

Annual report 2025A · The company itself

“We typically experience fluctuating prices for energy and raw materials driven by various factors, including changes in supplier feedstock costs and inventories, global industry activity levels, foreign currency exchange rates, government regulation, tariffs, and global supply and demand factors.”

Annual report unknown yearA · The company itself

“As a result of our global footprint, we are subject to certain inherent risks, including economic and political conditions in international markets, trade protection measures and fluctuations in foreign currency exchange rates. During 2025, foreign currency translation increased Net sales by $137 million and decreased Income before income taxes by $8 million.”

Annual report unknown yearA · The company itself

“Additionally, the cost of raw materials fluctuates due to a number of factors, including changes in supplier feedstock costs and inventories, changes in the production capacity of suppliers, global industry activity levels, foreign currency exchange rates, government regulation, tariffs, export constraints and global supply and demand factors, any of which could increase raw material costs.”

Annual report unknown yearA · The company itself

“We face foreign currency risk from international operations and local currency investments.”

Annual report 2025A · The company itself

“Positive market performance and foreign currency tailwinds led to an increase in AUM in our Principal Asset Management segment in 2025, which was partially offset by operations disposed. Since AUM is the base by which this business generates revenues, market performance and fluctuations in foreign currency exchange rates may impact our revenues in future quarters.”

Annual report 2025A · The company itself

“Foreign currency exchange rate fluctuations create variances in our financial statement line items. The most significant impact occurs within our Principal Asset Management segment where pre-tax operating earnings were negatively impacted $4.4 million for the year ended December 31, 2025, as a result of fluctuations in foreign currency to U.S. dollar exchange rates.”

Annual report 2025A · The company itself

“Additionally, our non-U.S. results are influenced by fluctuations in foreign currency exchange rates relative to the U.S. dollar. The AUM of our foreign subsidiaries is converted to U.S. dollars at the end of the reporting period using spot exchange rates, while revenue and expenses are translated using average exchange rates for the reporting period.”

Annual report 2025A · The company itself

“Foreign Currency Risk Foreign currency risk is the risk we will incur economic losses due to adverse fluctuations in foreign currency exchange rates. This risk arises from foreign currency-denominated funding agreements issued to nonqualified institutional investors in the international market, foreign currency-denominated fixed maturity and equity securities, and our international operations, including expected cash flows and potential acquisition and divestiture activity.”

Annual report 2025A · The company itself

“For our international operations, we estimate a 10% immediate unfavorable change in each of the foreign currency exchange rates to which we were exposed would have resulted in a $275.1 million, or 7%, reduction in the total equity excluding noncontrolling interests of our international operations as of December 31, 2025, as compared to an estimated $277.0 million, or 7%, reduction as of December 31, 2024. We estimate a 10% unfavorable change in the average foreign currency exchange rates to which we were exposed through our international operations would have resulted in a $46.9 million, or 5%, reduction in segment pre-tax operating earnings of our international operations for the year ended December 31, 2025, as compared to an estimated $43.7 million, or 5%, reduction for the year ended December 31, 2024.”

Annual report 2025A · The company itself

“Table of Contents Our Global Presence At December 31, 2025, we owned or had investments in, on a wholly owned basis or through co-investment ventures, properties and development projects expected to total approximately 1.3 billion square feet across the following geographies: Throughout this discussion, amounts are presented in U.S. dollars, our reporting currency. Included in these amounts are consolidated and unconsolidated investments denominated in foreign currencies, principally the British pound sterling, Canadian dollar, euro and Japanese yen that are impacted by fluctuations in exchange rates when translated to U.S. dollars.”

Annual report 2025A · The company itself

“These risks include the following: •Currency risks: Currency fluctuations can impact the fair value of our investment in Shurgard, our equity earnings, our ongoing dividends, and any other related repatriations of cash.”

Annual report 2025A · The company itself

“Uusiutuvien ohjelmistolisenssien liikevaihto oli 420 tuhatta euroa (504), laskua 17 %. Lasku johtui yksittäisten asiakkaiden siirtymisestä SaaS-palvelumalliin, asiakaspoistumasta, ja negatiivisesta valuuttakurssivaikutuksesta.”

Annual report 2024A · The company itself

“Lisäksi inflaatiopaineita vastaan tehdyt hinnankorotukset sekä positiiviset valuuttakurssien vaikutukset kasvattivat liikevaihtoa.”

Annual report 2024A · The company itself

“Rahoitusriskit Rahoitukseen liittyvinä riskeinä QPR Software on tunnistanut seuraavat kaksi riskiä: Valuuttariski Mittarina käytetään ei-euromääräisten saatavien tai yksittäisen ei-eurovaluutan osuutta kaikista saatavista (%). Riskiä hallitaan käyttämällä euroa ensisijaisena laskutusvaluuttana sekä valuuttasuojauksella yhtiön suojauspolitiikan mukaisesti. Yhtiö seuraa jatkuvasti tärkeimpien laskutusvaluuttojen avointen positioiden kehittymistä.”

Annual report 2024A · The company itself

“Foreign Exchange Risk As a global company, we face exposure to adverse movements in foreign currency exchange rates. Financial assets and liabilities held by consolidated subsidiaries that are not denominated in the functional currency of those entities are subject to the effects of currency fluctuations. We could experience gains or losses on foreign currency cash flows, as well as economic loss with respect to the recoverability of foreign investments.”

Annual report 2025A · The company itself

“Our businesses and revenues derived from non-U.S. operations may also be subject to risk of loss from currency fluctuations, social or political instability, less established regulatory regimes, changes in governmental or central bank policies, downgrades in the credit ratings of sovereign countries, expropriation, nationalization, confiscation of assets and unfavorable legislative, economic and political developments.”

Annual report 2025A · The company itself

“Valutarisk är risken för fluktuationer i värdet av framtida affärstransaktioner och redovisade tillgångar och skulder i utländsk valuta på grund av förändringar i valutakurser.”

Annual report 2024A · The company itself

“We have incurred and may continue to incur indebtedness that is denominated in local currencies to fund our international investments and operations. However, it is possible that such indebtedness may be insufficient or may be on unacceptable terms requiring us to use non-local currency indebtedness. In such event, we may be subject to foreign exchange rate volatility.”

Annual report 2025A · The company itself

“In such event, we may be subject to foreign exchange rate volatility which may be impacted by various factors, including those described above. While we may enter into hedging and other derivatives instruments to mitigate our exposure to fluctuations in foreign exchange rates, we may not realize the anticipated benefits from these arrangements, or these arrangements may be insufficient to mitigate our exposure.”

Annual report 2025A · The company itself

“In addition, as our international operations increase, or more of our revenue agreements or operating expenses are denominated in currencies other than the U.S. dollar, the impact of foreign currency fluctuations may become material.”

Annual report 2025A · The company itself

“As we continue to grow international operations, our exposure to foreign currency risk will become more significant.”

Annual report 2025A · The company itself

“Movements in international currencies against the U.S. dollar positively impacted net revenues by approximately $83 million for the year ended June 30, 2026.”

Annual report 2026A · The company itself

“The notional value of the outstanding non-designated hedges was $1,285 million and $1,410 million at June 30, 2026 and June 30, 2025, respectively.”

Annual report 2026A · The company itself

“Our business is also affected by local economic environments, including inflation, recession, financial liquidity, interest rates and currency volatility or devaluation.”

Annual report 2025A · The company itself

“In addition, we are affected by changes in foreign currency exchange rates, inflation rates, and interest rates.”

Annual report 2025A · The company itself

“Our business requires that we buy equipment, components, services including finished products, electronic components, and commodities. Our reliance on suppliers involves certain risks, including: •shortages of components, commodities, or other materials, which could adversely affect our manufacturing efficiencies and ability to make timely delivery of our products, solutions, and services; •changes in the cost of these purchases due to inflation, exchange rate fluctuations, taxes, tariffs, commodity market volatility, or other factors that affect our suppliers; •poor quality or an insecure supply chain, which could adversely affect the reliability and reputation of our hardware and software products, solutions, and services; •embargoes, sanctions, and other trade restrictions that may affect our ability to purchase components, commodities, or other materials, including rare earth minerals, from various suppliers; and •intellectual property risks such as challenges to ownership of rights or alleged infringement by suppliers.”

Annual report 2025A · The company itself

“Additionally, foreign currency exchange rates and fluctuations could have an adverse effect on our financial results.”

Annual report 2025A · The company itself

“Sales by our operating companies whose functional currency is not the U.S. dollar represented 9% of our total net revenues for both the years ended December 31, 2025 and 2024, respectively. Unfavorable changes in exchange rates between the U.S. dollar and those currencies could reduce our reported net revenues and net earnings.”

Annual report 2025A · The company itself

“Transactions related to non-U.S. operations may be denominated in local currencies. Foreign currency exchange rate fluctuations (including their impact on supplier prices) may negatively affect demand for our products and our operating profit and margins.”

Annual report unknown yearA · The company itself

“Foreign Currency Translation The functional currency of the Company’s major foreign subsidiaries is generally the local currency. All assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the exchange rate on the balance sheet date. Revenues and expenses are translated at the average exchange rate during the period.”

Annual report 2026A · The company itself

“The outlook is subject to uncertainty related to occurrence and estimation of the cost of P&C claims, foreign exchange rates, and competitive dynamics.”

Annual report 2025A · The company itself

“The sensitivity analysis of the Group’s fair values of financial assets and liabilities in different market risk scenarios is presented in the following table. The effects represent the instantaneous effects of a one-off change in the underlying market variable on the fair values on 31 December 2025.”

Annual report 2025A · The company itself

“Currency and interest rate fluctuations also pose financial challenges, as SATS operates in multiple countries. The company uses hedging strategies and structured debt agreements to minimize exposure to exchange rate volatility.”

Annual report 2024A · The company itself

“We are exposed to market risk from changes in foreign currency exchange rates in connection with our operations in Brazil, Chile, Peru, South Africa, Tanzania, and to a lesser extent, our markets in Central America. In each of these countries, we pay most of our selling, general, and administrative expenses and a portion of our operating expenses, such as taxes and utilities incurred in the country in local currency. In addition, in Brazil, Chile, and South Africa, we receive significantly all of our revenue and pay substantially all of our operating expenses in local currency.”

Annual report 2025A · The company itself

“The portfolio companies are exposed to currency risk. With portfolio companies in Norway, Sweden and Namibia, the various companies have different currency positions and some of these can offset or reinforce each other.”

Annual report 2024A · The company itself

“Valutakurseffek - ter i koncernen uppkommer vid omräkning av de utländska dotterbolagens resultat och balansräkningar till SEK. För året var 30 procent (30) av koncernens omsättning i SEK, 28 procent (28) i NOK och 42 procent (42) i EUR och övriga valutor.”

Annual report 2024A · The company itself

“Selskabet investerer primært i Norden, og har sine investeringer primært i DKK, SEK, NOK og EUR samt alle passiver i danske kroner. Investeringer i SEK og NOK er ikke valutaafdækket, og er behæftet med en afledt valutarisiko.”

Annual report 2025A · The company itself

“Eftersom en del av intäkterna kommer från export är bolaget exponerat för risker i samband med valutaförändringar. Risker finns också i samband med inköp av elektroniska komponenter från annat land än Sverige.”

Annual report 2024A · The company itself

“We could be exposed to currency exchange rate fluctuation risks. We have operations in a number of countries. As such, currency movements can have a number of direct and indirect impacts on our financial statements. Direct impacts include the translation of international operations’ local currency financial statements into U.S. dollars and the remeasurement impact associated with non-functional currency financial assets and liabilities.”

Annual report 2025A · The company itself

“Smurfit Westrock operates in multiple countries across North America, South America, Europe, Asia, Africa, and Australia.”

Annual report 2025A · The company itself

“In addition, international flying exposes the Company to certain foreign currency risks to the extent the Company chooses to, or is required to, transact in currencies other than the U.S. dollar.”

Annual report 2025A · The company itself

“Både eksportrettet industri og turistnæringen drar nytte av den svake norske kronen.”

Annual report 2024A · The company itself

“These factors could reduce the profitability of our asset-based fee revenue and could also adversely affect our transaction-based revenue, such as revenues from securities finance and foreign exchange activities, and the volume of transactions that we execute for or with our clients.”

Annual report 2025A · The company itself

“Further, the degree of volatility in foreign exchange rates can affect our foreign exchange trading revenue. In general, increased currency volatility tends to increase our market risk but also increases our opportunity to generate foreign exchange revenue.”

Annual report 2025A · The company itself

“Our FX trading revenue is influenced by multiple factors, including: the volume and type of client FX transactions and related spreads; currency volatility reflecting market conditions; and our management of exchange rate, interest rate and other market risks associated with our FX activities. The relative impact of these factors on our total FX trading revenues often differs from period to period. For example, assuming all other factors remain constant, increases or decreases in volumes or bid-offer spreads across product mix tend to result in corresponding changes in client-related FX revenue.”

Annual report 2025A · The company itself

“The availability and prices of raw materials and energy supplies are subject to volatility and are influenced by worldwide economic conditions, speculative action, world supply and demand balances, inventory levels, availability of substitute materials, currency exchange rates, anticipated or perceived shortages, and other factors.”

Annual report 2026A · The company itself

“Utländska verksamheters finansiella rapporter Tillgångar och skulder i utlandsverksamheter, inklusive goodwill och andra koncernmässiga över- och under- värden, omräknas från utlandsverksamhetens funktionella valuta till koncernens rapporteringsvaluta, svenska kronor, till den valutakurs som råder på balansdagen. Intäkter och kostnader i en utlandsverksamhet omräknas till svenska kronor till de årsgenomsnittskurser som månadsvis publiceras av Riksbanken.”

Annual report 2024A · The company itself

“The Group’s operations are exposed to currency risk, and in 2024 this had a negative impact on the Scandinavian operations.”

Annual report 2024A · The company itself

“We have exposure to exchange rate fluctuations on cross border transactions and translation of local currency results into United States Dollars: We report our financial results in United States Dollars and approximately 24% of our net sales are denominated in foreign currencies, including the Australian Dollar, British Pound, Canadian Dollar, Euro and Japanese Yen.”

Annual report 2025A · The company itself

“I lokal valuta har portföljen i Sverige, Storbritannien och Nederländerna vuxit, medan portföljerna i Norge och Finland har minskat.”

Annual report 2024A · The company itself

“Likviditetsplaneringen bygger på en analys av kassaflöden för respektive valuta. Generellt gäller att exponeringen tillåts vara större i valutor med hög likviditet än i valutor där likviditeten är låg.”

Annual report 2024A · The company itself

“Koncernens övergripande mål för riskhantering och säkringsredovisning är att säkra risken för variationer i verkliga värden respektive framtida kassaflöden hänförliga till ut- och upplåning med avseende på förändringar i räntor och valutakurser. För att uppnå detta använder koncernen derivat.”

Annual report 2024A · The company itself

“Marknadsrisk avser den samlade risken att förändringar i riskfaktorer inom finansiella marknader, till exempel förändringar i räntor, aktiekurser och valutakurser, resulterar i värdeförändringar på placeringstillgångar och/eller åtaganden.”

Annual report 2024A · The company itself

“Ränteförändringar, valutakursfluktuationer samt marknadspriser på finansiella instrument kan påverka kassaflöden, resultat och balansräkningen.”

Annual report 2024A · The company itself

“Transaktionsexponering för kundprojekt ska i huvudsak minskas/minimeras via valutaterminskontrakt.”

Annual report 2024A · The company itself

“En stor del av bolagets verksamhet bedrivs genom det rörelsedrivande dotterbolaget SynAct Pharma ApS, vars redovisningsvaluta är DKK. Valutaflöden i samband med köp och försäljning av varor och tjänster i andra valutor än SEK ger upphov till en så kallad transaktionsexponering. Bolaget är i många fall beroende av internationella under leverantörer för att utföra studier och produktion av material. Bolaget är därför exponerat för valutarisk genom de inköp av tjänster och insatsmaterial för forskning och utveckling som görs i olika valutor.”

Annual report 2024A · The company itself

“•Heightened uncertainty in the financial markets negatively affects consumer confidence and discretionary spending. •The inability to consistently access credit markets could impair our ability to market and distribute food products, support our operations and meet our customers’ needs. •Liquidity and the inability of our customers and suppliers to consistently access credit markets to obtain cash to support their operations can cause temporary interruptions in our ability to collect funds from our customers and obtain the products and supplies that we need in the quantities and at the prices that we request. •Foreign exchange rate fluctuations can adversely impact our competitiveness and/or financial results.”

Annual report 2026A · The company itself

“Additionally, we procure products from suppliers outside of the U.S., and we are subject to the risks associated with political or financial instability, military conflict, trade restrictions, tariffs, currency exchange rates, transport capacity and costs and other factors relating to foreign trade, including health and safety restrictions related to epidemics and pandemics, any or all of which could delay our receipt of products or increase our input costs.”

Annual report 2026A · The company itself

“As of December 31, 2025, we held €4.8 billion in EUR-denominated Senior Notes, which are subject to foreign currency exchange rate fluctuations. We have entered into cross-currency swap agreements that qualify and have been designated as fair value hedges of our EUR-denominated debt, mitigating our exposure to foreign currency transaction gains and losses.”

Annual report 2025A · The company itself

“Additionally, the underlying holdings of our assets under management are also subject to market risk, which may arise from changes in equity prices, credit ratings, foreign currency exchange rates, and interest rates.”

Annual report 2025A · The company itself

“We are subject to risks inherent in foreign trade, including increased credit risks, tariffs and duties, fluctuations in foreign currency exchange rates, shipping delays and international political, regulatory and economic developments, all of which can have a significant effect on our operating results.”

Annual report 2026A · The company itself

“Techstep is transforming itself from a transactional business model to a software-led recurring revenue model, which leads to postponed cash inflows, negatively affecting the liquidity of the Group.”

Annual report 2024A · The company itself

“Liikevaihto laski raportoidusti, mutta kasvoi kiintein valuuttakurssein Q3-liikevaihto oli 18,6 miljoonaa euroa (19,0), laskua 2,1 % vuodentakaiseen verrattuna, mutta kasvua 5,4 % kiintein valuuttakurssein.”

Annual report 2025A · The company itself

“Tässä toimintaympäristössä Tecnotree saavutti liikevaihdon kasvua kiintein valuuttakurssein, mikä kuvastaa yhtiön vahvistunutta kilpailuasemaa ja jatkuvaa kysyntää digitaalisen BSS-transformaation hankkeille.”

Annual report 2025A · The company itself

“Toimintamme ulottuu alueille, joilla euromääräistä valuuttaa ei ole helposti saatavilla tai paikallisissa valuutoissa on huomattavaa vaihtelua tai inflaatiota.”

Annual report 2025A · The company itself

“Komponenttien saatavuushaasteet voivat laskea kannattavuutta myös, mikäli joudutaan hankkimaan materiaaleja eri valuutassa kuin valmistus ja yrityksen kirjanpito toimivat.”

Annual report 2025A · The company itself

“Nettoomsättning och affärsverksamhet på flera marknader utanför Sverige utsätter koncernen för potentiella negativa effekter av valutafluktuationer.”

Annual report 2024A · The company itself

“We rely on foreign manufacturers for various products that we sell. In addition, many of our domestic suppliers purchase a portion of their products from foreign sources. As an importer, our business is subject to the risks generally associated with doing business internationally, such as domestic and foreign governmental regulations, economic disruptions, global or regional health epidemics, delays in shipments, transportation capacity and costs, currency exchange rates, and changes in political or economic conditions in countries from which we purchase products.”

Annual report 2025A · The company itself

“The requirement under certain states’ laws to honor users’ requests to opt out of certain disclosures and uses of data for advertising purposes through preference signals, such as the Global Privacy Control (“GPC”) or similar signals, reflects a broader attention that privacy advocates, the media and some government regulators, have devoted to digital advertising in recent years. If the use of the GPC or similar technical signals is adopted by many Internet users, is imposed by additional states or by federal or foreign legislation, or is agreed upon by standard setting groups, we may have to change our business practices, our clients may reduce their use of our platform and services, and our business could be harmed.”

Annual report 2025A · The company itself

“These risks include primarily interest rate and foreign currency exchange rate risk. Interest Rate Risk We are exposed to market risk from changes in interest rates on our Amended Credit Facility, which accrues interest at a variable rate, and our short-term investments.”

Annual report 2025A · The company itself

“Collection and Use of Data; Privacy and Data Protection Legislation and Regulation To power our platform, we and our clients currently use pseudonymous data about Internet and mobile app users to manage and execute digital advertising campaigns in a variety of ways, including delivering advertisements to end users based on information such as their geographic locations, the type of device they are using, their interests as inferred from their web browsing or app usage activity or their relationships with our clients. Such data is passed to us from third parties, including original equipment manufacturers, application providers, data providers and publishers, as well as our advertiser clients. We do not use this data to discover the identity of individuals, and we currently contractually prohibit clients, data providers and inventory suppliers from importing data that directly identifies individuals onto our ad buying platform.”

Annual report 2025A · The company itself

“As a result, we are exposed to movements in exchange rates of various currencies against the U.S. dollar as well as against other currencies throughout the world. Many of our non-U.S. operations have a functional currency other than the U.S. dollar, and their results are translated into U.S. dollars for reporting purposes. Therefore, our reported results will be higher or lower depending on the weakening or strengthening of the U.S. dollar against the respective foreign currency.”

Annual report 2025A · The company itself

“The Company’s foreign exchange market risk exposure is concentrated in the Company’s invested assets, insurance reserves and shareholders’ equity denominated in foreign currencies.”

Annual report 2025A · The company itself

“Med hänsyn taget till valutakursförändringar mellan perioderna var den organiska tillväxten –4,6 procent.”

Annual report 2024A · The company itself

“Omsättningen för helåret minskade med 11,0 procent jämfört med föregående år, till 1 537,1 MSEK (1 727,7). Beaktat valutakursförändringar, under året var den organiska tillväxten för Truck & Trailer Equipment –10,7 procent.”

Annual report 2024A · The company itself

“Through its operations outside Norway, Schibsted Marketplaces is exposed to fluctuations in the exchange rates of other currencies, mainly the Swedish kronor, the Danish kroner and the euro.”

Annual report 2024A · The company itself

“These risks include, but are 23 Table of Contents not limited to: (i) foreign currency fluctuations and challenges with respect to the repatriation of foreign earnings and cash; (ii) treatment of international currency gains or losses under certain tests required for us to maintain our status as a REIT; (iii) impact from international trade disputes and the associated impact on our managers’, tenants’ and borrowers’ supply chain and consumer spending levels; (iv) changes in foreign political, regulatory and economic conditions; (v) challenges in staffing and labor and managing international operations, including negotiating with foreign labor unions; (vi) challenges of complying with a wide variety of foreign laws and regulations, including those relating to real estate, corporate governance, operations, licensing, taxes, data privacy (including U.K.”

Annual report 2025A · The company itself

“Factors such as inflation, interest rates, currency fluctuations, trade barriers, tariffs, war, civil unrest, and other political and economic developments and their impact on global economic conditions have in the past and may in the future negatively impact our business. These factors may have varying impacts on different geographic regions.”

Annual report 2025A · The company itself

“Fluctuations in currency exchange rates and interest rates, changes in the value of our investment portfolio, and inflation have affected and will continue to affect our cash flows, results of operations, and financial condition. The exchange rates among our reporting currency, the U.S. dollar, and the currencies in which we do business are volatile and our efforts to mitigate against these risks may not be successful.”

Annual report 2025A · The company itself

“These risks may be enhanced in emerging markets, and additional risks not encountered in established countries may also occur, including more frequent foreign currency exchange rate fluctuations, foreign state takeovers of our facilities, trade protectionism, state-initiated industry consolidation or other similar government actions or control; difficulty enforcing agreements and collecting receivables through certain foreign legal systems; longer collection cycles and financial instability among customers; political or social instability that may hinder our ability to send personnel abroad or cause us to move our operations to facilities in countries with higher costs and less efficiencies; difficulties associated with repatriating earnings generated or held abroad in a tax-efficient manner, changes in tax laws, or tax inefficiencies; and exposure to wage, price and capital controls, local labor conditions and regulations, including local labor disruptions and rising labor costs which we may be unable to recover in our pricing to customers.”

Annual report 2025A · The company itself

“The average selling price (ASP) per MW was EUR 1.07m, compared to EUR 1.14m in 2024. The change in the average selling price was driven by change in geographic mix, project scope as well as fewer Offshore orders in 2025.”

Annual report 2025A · The company itself

“Transaktionsexponeringen har ökat på grund av konsekvenserna av rekapitaliseringsprocessen. Under och efter rekapitaliseringsprocessen har koncernen inte kunnat genomföra valutaterminer med sina finansiella motparter, vilket har resulterat i en ökad andel osäkrad valutaexponering.”

Annual report 2024A · The company itself

“Volatis finansiella ställning är beroende av ett antal risker som dels är finansiella i form av finansieringsrisk, ränterisk, kreditrisk och valutarisk och dels operationella i form av påverkan på bland annat verksamheterna samt legala och regulatoriska risker.”

Annual report 2024A · The company itself

“The $23 million increase in net income reflected an after-tax increase in net investment income of $75 million primarily due to a larger fixed maturity securities portfolio and increased investment income from investment funds, an after-tax increase in underwriting income of $29 million mainly due to growth in premium rates, a reduction of $18 million in tax expense due to a change in the effective tax rate, an after-tax increase in net investment gains of $11 million, an after-tax increase in profits from non-insurance businesses of $8 million and an after-tax increase in profit from insurance service businesses of $5 million, partially offset by an after-tax increase in foreign currency losses of $94 million due to the U.S. dollar weakening against other major currencies in 2025, an after-tax increase in corporate expenses of $22 million and an after-tax decrease in income of $7 million related to minority interests.”

Annual report 2025A · The company itself

“In addition, the fair value of the Company’s international investments is subject to currency risk. The Company attempts to manage its currency risk by matching its foreign currency assets and liabilities where considered appropriate.”

Annual report 2025A · The company itself

“We may pay for products we purchase for sale in our stores, clubs and eCommerce platforms around the world with a currency other than the local currency of the country in which the goods will be sold. When we must acquire the currency to pay for such products and the exchange rates for the payment currency fluctuate in a manner unfavorable to us, our cost of sales may increase and we may be unable or unwilling to change the prices at which we sell those goods to address that increase in our costs, with a corresponding adverse effect on our gross profit.”

Annual report 2026A · The company itself

“Foreign Currency Risk We are exposed to fluctuations in currency exchange rates as a result of our investments and operations in countries other than the U.S., as well as our foreign-currency-denominated long-term debt.”

Annual report 2026A · The company itself

“Risks and Uncertainties The Company is subject to risks common to companies in the analytical instrument industry, including, but not limited to, global economic and financial market conditions, fluctuations in foreign currency exchange rates, fluctuations in customer demand, development by its competitors of new technological innovations, costs of developing new technologies, levels of debt and debt service requirements, risk of disruption, dependence on key personnel, protection and litigation of proprietary technology, shifts in taxable income between tax jurisdictions and compliance with regulations of the U.S.”

Annual report 2025A · The company itself

“Ownership of property outside the U.S. may subject us to different or greater risks than those associated with our domestic operations We have operations in the U.K. and Canada, which represent approximately 20.0% and 6.8% of total Welltower revenues, respectively.”

Annual report 2025A · The company itself

“This uncertainty could result in labor market challenges affecting the cost, recruitment and retention of employees, currency fluctuations and volatility in commodity prices, credit and capital markets.”

Annual report 2025A · The company itself

“Because we manufacture and sell our products abroad, our revenue, cost of revenue, margins, operating costs and cash flows are impacted by fluctuations in foreign currency exchange rates.”

Annual report 2026A · The company itself

“Additionally, the majority of our international costs are denominated in local currencies and we anticipate that over time an increasing portion of our sales contracts may be outside the U.S. and will therefore be denominated in local currencies. Fluctuations in the value of foreign currencies, which may be amplified by macroeconomic events, may impact our operating results when translated into U.S. dollars.”

Annual report 2026A · The company itself

“Changes in exchange rates affect the group’s net profit and balance sheet.”

Annual report 2025A · The company itself

“In addition, the governments in certain countries where our Concepts operate, including China, restrict the conversion of local currency into foreign currencies and, in certain cases, the remittance of currency out of the country. Currency control restrictions on the conversion of other currencies to U.S. dollars or restrictions imposed by countries on cash remittances could cause royalty payments to us to be delayed, remitted only partially or not at all, which could cause us to incur bad debt expense and impact our liquidity.”

Annual report 2025A · The company itself

“Operational highlights Zalaris recorded revenue of NOK 1,346.3 million in 2024, compared to NOK 1,134.0 million in 2023, an increase of 18.7%. Measured in constant currency the increase was 16.1%*. The increase was primarily a result of revenue from new customers within its Managed Services division that went live during 2024, and upsell to existing customers, including increased volumes of change orders and additional services.”

Annual report 2024A · The company itself

“Risks associated with operations, sales, and purchases include: •Fluctuating foreign currency rates could restrict sales, increase costs of purchasing, and affect collection of receivables outside of the U.S.; •Volatility in foreign credit markets may affect the financial well-being of our customers and suppliers; •Violations of anti-corruption laws, including the Foreign Corrupt Practices Act and the U.K.”

Annual report 2025A · The company itself

“Fluctuations in interest rates, inflation, and foreign exchange rates may adversely impact our earnings and the value of our assets.”

Annual report 2025A · The company itself

“Item 7A. Quantitative and Qualitative Disclosures About Market Risk Market Risk Our primary market risk exposures are interest rate, equity price, foreign currency exchange rate and credit risk.”

Annual report 2025A · The company itself

“The Group operates in international markets and is thus exposed to currency risks arising from changes in exchange rates.”

Annual report 2025A · The company itself

“Furthermore, some of our suppliers may not be able to sufficiently manage the currency commodity cost volatility and/or sharply changing volumes while still performing as we expect.”

Annual report 2024A · The company itself

“Merparten av koncernens försäljning sker i respektive dotterbolags lokala valuta, endast 2 procent (2) sker i utländsk valuta.”

Annual report 2024A · The company itself

“The carrying value of the total economic investment exposure denominated in foreign currencies is primarily based in the British pound and euro.”

Annual report 2025A · The company itself

“På vissa marknader har centralbanker även under 2024 infört tillfälliga begränsningar av betalningar i utländska valutor vilket medför försenade kundinbetalningar samt senarelagda leveranser.”

Annual report 2024A · The company itself

“Valutarisiko Mesteparten av Bouvets virksomhet er i norske kroner, dvs. foruten den svenske virksomheten som har SEK som funksjonell valuta og Sesam som benytter amerikanske dollar i sin abonnementstjeneste, og risiko knyttet til valutasvingninger kan således betraktes som begrenset.”

Annual report 2024A · The company itself

“Valutarisici Koncernen er eksponeret for valutaudsving, der er en direkte følge af, at koncernen foretager købs- og salgstransaktioner i fremmed valuta. Koncernens aktiviteter påvirkes dog kun i uvæsentlig grad, idet såvel indtægter som omkostninger primært afregnes i danske kroner og euro.”

Annual report 2025A · The company itself

“Broad market and industry fluctuations, as well as general economic, political and market conditions such as recessions, interest rate changes, market corrections or currency fluctuations, may negatively impact the market price of our common stock.”

Annual report 2025A · The company itself

“The majority of our international operations do not have material transactions in currencies other than their functional currency which would expose the Company to transactional currency rate risk. We are subject to translation exchange rate risk because we have businesses operating outside of the U.S. in the following functional currencies: British pounds, Canadian dollar and euros and, to a lesser extent, other currencies.”

Annual report 2025A · The company itself

“Other potential negative consequences to our business from unfavorable economic conditions include higher interest rates, an increase in the rate of inflation, deflation, exchange rate fluctuations, credit or capital market instability, or lower returns on pension assets or lower discount rates for pension obligations (possibly requiring higher contributions to our pension plans).”

Annual report unknown yearA · The company itself

“Fluctuations in foreign currency exchange could adversely affect our consolidated financial condition and consolidated results of operations.”

Annual report 2026A · The company itself

“Through its foreign operations, Cintas is exposed to foreign currency risk. Foreign currency exposures arise from transactions denominated in a currency other than the functional currency and from foreign denominated revenue and profit translated into U.S. dollars.”

Annual report 2026A · The company itself

“In addition, changes in exchange rates may affect Corteva’s results of operations, financial condition and cash flows in future periods.”

Annual report 2025A · The company itself

“Additionally, a portion of the Exchange's common stock and limited partnership portfolios are exposed to foreign exchange rate risk, or the potential loss in estimated fair value resulting from adverse changes in foreign currency exchange rates.”

Annual report 2025A · The company itself

“Valutaeffekter minskade nettoomsättningen med 0,4 %.”

Annual report 2024A · The company itself

“Our stores in tourist locations are doing well, especially in Sweden and Norway, where currencies are still weak.”

Annual report 2024A · The company itself

“Additionally, there was a $107 million decrease in net earnings from discontinued operations.”

Annual report 2025A · The company itself

“During 2025, our total bookings growth in constant currency would have had an insignificant impact and our total revenue growth would have been approximately 10 basis points higher. Constant currency is calculated by translating bookings and revenue for each month in the current period using the foreign currency exchange rates for the corresponding month in the prior period, excluding any hedging gains or losses realized during the period.”

Annual report 2025A · The company itself

“Exchange Rate Sensitivity We have currency exchange risk because of our hotel ownership in Brazil and Canada. We may utilize several strategies to mitigate the exposure of currency exchange risk for our portfolio, including (i) utilizing local currency denominated debt (including foreign currency draws on our credit facility), (ii) entering into forward or option foreign currency purchase contracts, or (iii) investing through partnership and joint venture structures. For 2025 and 2024, revenues from our consolidated foreign operations were $104 million and $101 million, respectively, or approximately 2%, of our total revenues.”

Annual report 2025A · The company itself

“Although we conduct business in foreign countries, international operations are not material to our consolidated financial position, results of operations, or cash flows. Additionally, foreign currency transaction gains and losses were not material to our results of operations for the year ended December 31, 2025.”

Annual report 2025A · The company itself

“Revenues from customers outside the U.S., subject to foreign currency exchange, represented 4 percent of consolidated net sales during 2026. Thus, certain revenues and expenses have been, and are expected to be, subject to the effect of foreign currency fluctuations, and these fluctuations may have an impact on operating results.”

Annual report 2026A · The company itself

“Acquisitions had a favorable impact of 1 percentage point on the increase, while foreign currency movements had an immaterial impact. Orders grew across all regions.”

Annual report 2025A · The company itself

“In addition, unrealized exchange rate differences had a weakening impact on sales margin.”

Annual report 2025A · The company itself

“These risks are mainly managed by making long-term supply agreements and related derivatives contracts.”

Annual report 2025A · The company itself

“Följaktligen kan framtida utfall variera väsentligt jämfört med vad som framgår i den framtidsinriktade informationen beroende på bland annat ändrade marknadsförutsättningar för MilDefs produkter och mer generella ändrade förutsättningar såsom ekonomi, marknader och konkurrens, förändringar i lagkrav eller andra politiska åtgärder och variationer i valutakurser. i förhållande till justerat rörelseresultat (EBITDA) RTM, ggr -1,7 1,7 Förvärv och förvärvsanalyser Vid förvärvstidpunkten görs preliminära förvärvsanalyser baserat på så noggranna uppskattningar och bedömningar som möjligt.”

Annual report 2024A · The company itself

“Global macroeconomic conditions, as well as fluctuations in foreign currency exchange rates and credit, are also likely to further impact our business.”

Annual report 2025A · The company itself

“Currency Exchange Risk NRG is subject to transactional exchange rate risk from transactions with customers in countries outside of the U.S., primarily within Canada, as well as from intercompany transactions between affiliates. Transactional exchange rate risk arises from the purchase and sale of goods and services in currencies other than the Company's functional currency or the functional currency of an applicable subsidiary. NRG hedges a portion of its forecasted currency transactions with foreign exchange forward contracts.”

Annual report 2025A · The company itself

“Growth from M&A was 6.4%, reflecting the first full-year impact, while currency effects were negative 1.8%.”

Annual report 2025A · The company itself

“Genom sin verksamhet utsätts koncernen för olika finansiella risker såsom valutarisker, ränterisker samt risk att inte kunna anskaffa tillräcklig finansiering.”

Annual report 2024A · The company itself

“Valutarisiko Konsernets operasjonelle valutarisiko er vurdert som lav, da de fleste kontantstrømmer skjer i selskapenes funksjonelle valuta. All omsetning skjer i funksjonell valuta (NOK i PM Norge og SEK i Stampen Media).”

Annual report 2024A · The company itself

“Sammantaget innebär detta alltså risk för en högre kostnad för rättskydd, ökad risk för att kontrollen över tillgångar ska minska eller förloras samt att tillgångar ska förlora i värde på grund av valutakursförändringar.”

Annual report 2024A · The company itself

“Suomessa myynti kasvoi yli 5 % ja Iso-Britanniassa noin 2 %, mutta epäsuotuisa valuuttakurssiero painoi euromääräisen kasvun noin 1 %:iin.”

Annual report 2025A · The company itself

“Net revenue in 2025 was also impacted by unfavorable currency developments.”

Annual report 2025A · The company itself

“Ökningen av finansiella kostnader 2024 beror delvis på en ökad belåning som en följd av förvärvet av Garantell AB och delvis på negativa omräkningsdifferenser på koncern-interna lån.”

Annual report 2024A · The company itself

“Sales of our used rental equipment at prices that fall significantly below our projections and/or in lesser quantities than we anticipate will have a negative impact on our results of operations and cash flows. We have operations outside the United States, in Canada, Europe, Australia and New Zealand. As a result, we may incur losses from the impact of foreign currency fluctuations and have higher costs than we otherwise would have due to the need to comply with foreign laws.”

Annual report 2025A · The company itself

“Our operations in Canada, Europe, Australia and New Zealand are subject to the risks normally associated with international operations. These include the need to (i) convert currencies, which could result in a gain or loss depending on fluctuations in exchange rates and (ii) comply with foreign laws and regulations, as well as U.S. laws and regulations, applicable to our operations in foreign jurisdictions.”

Annual report 2025A · The company itself

“The currency risk of Verkkokauppa.com Oyj arises mainly from the purchase of goods, as the company has purchasing activities in several different currencies.”

Annual report 2025A · The company itself

“Koncernens transaktionsrelaterade valutaexponering uppstår framför allt vid inköp av byggelement, service avseende vindkraftverk samt externa tjänster och licenser för IT-system.”

Annual report 2024A · The company itself

“Huvuddelen av Wästbygg Gruppens verksamhet bedrivs i Sverige och har få valutarisker. Den internationella närvaron är under uppbyggnad.”

Annual report 2024A · The company itself