AMER SPORTS REPORTS FOURTH QUARTER AND FISCAL YEAR 2025 FINANCIAL RESULTS AND PROVIDES 2026 OUTLOOK NEW YORK (February 24, 2026) – Amer Sports, Inc. (NYSE: AS) ("Amer Sports" or the "Company") today announced its financial results for the fourth quarter and fiscal year 2025. CEO James Zheng commented, "Fourth quarter was a great finish to a breakout year for Amer Sports led by our flagship Arc'teryx brand and rising star Salomon, which surpassed the $2 billion sales mark. In 2025 we delivered 27% revenue gr ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 27, 2025 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 0-21238 Landstar System, Inc. 13410 Sutton Park Drive South Jacksonville, Florida 32224 (Address of principal executiv ...

Market Position and Strategy - Monarch Casino Resort Spa Black Hawk is positioned to leverage its expanded operations and benefit from the elimination of betting limits and new game types in Colorado, aiming to attract high-value players from the Denver metro area [217]. - The company anticipates continued strength in the Reno market, supported by broad-based employment growth, although it faces challenges from wage inflation and increased competition from California tribal gaming [216]. - Future expansion and acquisition opportunities are part of the company's strategic outlook, with expectations of sufficient liquidity to fund operations and capital expenditures [206]. - The company is committed to maintaining strong relationships with stakeholders, including regulators and employees, to support its operational strategies [207]. Financial Performance - For the year ended December 31, 2025, net income was $101.4 million, a 39.3% increase from $72.8 million in 2024, with diluted EPS rising to $5.43 from $3.84 [224]. - Net revenue for 2025 was $545.1 million, reflecting a 4.4% increase from $522.2 million in 2024 [224]. - Casino revenue increased by 6.8% in 2025, with casino operating expenses as a percentage of revenue decreasing to 36.2% from 37.2% in 2024 [225]. - Food and beverage revenue rose by 2.1% in 2025, with operating expenses as a percentage of revenue decreasing to 71.0% from 73.7% in 2024 [226]. - Hotel revenue decreased by 0.2% in 2025, with occupancy dropping to 81.6% from 82.8% in 2024, while ADR increased to $188.13 from $183.80 [227]. - SG&A expenses increased to $109.4 million in 2025, but as a percentage of net revenue, it decreased to 20.1% from 20.7% in 2024 [229]. - Net cash provided by operating activities was $164.7 million in 2025, a 17.1% increase from the previous year [236]. - Capital expenditures for 2025 totaled $37.2 million, down from $43.8 million in 2024, primarily for hotel room upgrades and maintenance [234]. Operational Challenges - Labor challenges are impacting both properties, particularly due to low unemployment in the staffing markets of Golden, Colorado, and the Denver metro area [217]. - The company is actively managing inflationary pressures and competitive marketing strategies that are affecting revenue growth and profit margins at the Atlantis [216]. - The impact of rising interest rates and supply chain disruptions are identified as potential risks that could affect the company's financial condition and operational results [209]. Debt and Cash Position - The company had no borrowings under the Amended Credit Facility as of December 31, 2025, with $99.4 million available for borrowing [246]. - The company expects cash position to be negatively impacted by outstanding payments related to litigation judgments totaling $74.6 million [239]. - As of December 31, 2025, the company had no outstanding debt under its Amended Credit Facility, which bears interest at variable rates [258]. - The company has $99.4 million of available borrowing capacity under its Amended Credit Facility as of December 31, 2025 [258]. - The company does not have any cash or cash equivalents as of December 31, 2025, which are subject to market risk [259]. Key Performance Indicators - Key Performance Indicators (KPIs) for gaming revenue include slot coin-in, table games drop, and sportsbook write, which are essential for managing business performance and understanding hold percentages [219]. - The average daily rate (ADR) and occupancy rate are critical KPIs for hotel operations, with revenue per available room (RevPAR) reflecting total hotel revenue performance [221]. - The company is focused on controlling expenses and optimizing operating margins, with a specific emphasis on expense margin and selling, general and administrative (SG&A) margin as a percentage of total net revenue [222].

Financial Performance - Fourth quarter net sales were $291.6 million, an 11.3% decrease from $328.9 million in Q4 2024; full year net sales totaled $1,203.5 million, down 6.5% from $1,286.7 million in 2024[3][12] - Fourth quarter net loss was $4.4 million, a 166.7% decrease compared to a net income of $6.6 million in Q4 2024; full year net income was $43.8 million, down 47.7% from $83.7 million in 2024[3][22] - Adjusted EBITDA for Q4 2025 was $25.6 million, a 46.0% decline year-over-year; full year adjusted EBITDA was $167.4 million, down 19.8% from $208.8 million in 2024[3][20] - Organic sales declined 13.9% in Q4 and 7.3% for the full year, primarily due to volume declines in North America related to the ERP transition[12][13] - Gross profit margin decreased to 34.6% in Q4 2025 from 41.3% in Q4 2024; full year gross profit margin was 40.2%, down from 42.7% in 2024[18][19] - Adjusted net income for 2025 was $84.8 million, down from $125.5 million in 2024, a decline of 32.5%[41] - The EBITDA margin as adjusted for 2025 was 13.9%, compared to 16.2% in 2024[42] Cash Flow and Investments - Cash flow from operations was $65.0 million in 2025, down from $89.7 million in 2024; free cash flow was $43.3 million, including $59.1 million in ERP modernization investments[23] - Operating cash flow decreased to $65.0 million in 2025 from $89.7 million in 2024, reflecting a decline of 27.7%[40] - Free cash flows for Q4 2025 were $9.7 million, compared to $28.1 million in Q4 2024, indicating a decline of 65.5%[45] - Free cash flows adjusted for ERP modernization spend were $26.4 million for Q4 2025, compared to $39.8 million in Q4 2024, a decrease of 33.8%[45] - The company invested $59.1 million in ERP modernization initiatives in 2025, with $30.6 million capitalized and $28.5 million recorded as S&A expense[41] Future Guidance - The company expects 2026 net sales guidance to be in the range of $1,240 million to $1,280 million, with organic net sales growth projected at 3.0% to 6.5%[28] - Adjusted diluted net income per share for 2026 is forecasted to be between $4.70 and $5.30, while diluted net income per share is expected to be between $4.05 and $4.65[28] - The adjusted EBITDA for 2026 is anticipated to be between $175 million and $190 million, with an adjusted EBITDA margin of 14.1% to 14.8%[28] Operational Challenges - The ERP implementation negatively impacted Q4 net sales by approximately $30 million and adjusted EBITDA by about $22 million[11][20] - The company expects continued operational challenges from the ERP transition in early 2026, with a projected return to normalized operations by mid-year[26] - The company plans to implement targeted cost-out initiatives to mitigate gross margin pressure from tariffs and operational inefficiencies[26] Balance Sheet - The company’s total current assets increased to $599.7 million in 2025 from $576.6 million in 2024[39] - Tennant's total liabilities rose to $665.5 million in 2025, up from $568.0 million in 2024[39] - Tennant's total equity decreased to $603.4 million in 2025 from $622.1 million in 2024[39] Research and Development - Research and development expenses for 2025 were $41.2 million, down from $43.8 million in 2024[37] Shareholder Returns - Share repurchases totaled approximately $88 million in 2025, representing about 6% of outstanding shares[5]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2025 Delaware 001-41328 85-3373323 (State or Other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification No.) 4360 E. New York Street, Aurora, IL 60504 (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: (330) 352 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2025 Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934: OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to GOLDENSTONE ACQUISITION LIMITED (Exact Name of Registrant as Specified in C ...

Production and Reserves - Black Stone Minerals reported mineral and royalty production of 30.9 MBoe/d for Q4 2025, a decrease from 34.8 MBoe/d in Q4 2024[6]. - Full year 2025 production averaged 34.6 MBoe/d, with mineral and royalty volumes decreasing by 9% year-over-year to 33.3 MBoe/d[6][25]. - Estimated proved reserves at year-end 2025 were 54.8 MMBoe, a decrease of 4% from 57.4 MMBoe at year-end 2024[14]. - The total proved oil and gas reserves at December 31, 2025, were 54,845 MBoe, down from 57,380 MBoe at the end of 2024, indicating a decrease of 4.4%[44]. - The net proved developed reserves decreased from 54,283 MBoe at December 31, 2024, to 48,179 MBoe at December 31, 2025, a reduction of 11.2%[44]. Financial Performance - Net income for Q4 2025 was $72.2 million, down from $91.7 million in Q3 2025 and up from $46.3 million in Q4 2024[12]. - Total revenue for Q4 2025 was $118.703 million, an increase from $83.726 million in Q4 2024, representing a year-over-year growth of 41.8%[35]. - The Partnership's net income for Q4 2025 was $72.227 million, compared to $46.346 million in Q4 2024, marking a year-over-year increase of 55.7%[35]. - Adjusted EBITDA for Q4 2025 totaled $76.7 million, compared to $88.1 million in Q3 2025 and $90.2 million in Q4 2024[13]. - Adjusted EBITDA for the year ended December 31, 2025, was $337,353,000, down from $383,233,000 in 2024, reflecting a decrease of 12.0%[43]. - Distributable Cash Flow for the three months ended December 31, 2025, was $66,760,000, compared to $81,990,000 in 2024, a decline of 18.5%[43]. Sales and Pricing - Oil and condensate sales for the year ended December 31, 2025, were $209.361 million, down from $269.061 million in 2024, a decrease of 22.2%[35]. - Natural gas and natural gas liquids sales increased to $191.616 million for the year ended December 31, 2025, compared to $157.907 million in 2024, reflecting a growth of 21.4%[35]. - The average realized price for oil and condensate in Q4 2025 was $60.38 per barrel, down from $70.12 per barrel in Q4 2024, a decrease of 10.5%[37]. - The average realized price for natural gas in Q4 2025 was $3.36 per Mcf, up from $2.86 per Mcf in Q4 2024, an increase of 17.5%[37]. Cash Distribution and Expenses - Black Stone announced a cash distribution of $0.30 per common unit for Q4 2025, with a distribution coverage ratio of 1.05x[18]. - The total operating expenses for the year ended December 31, 2025, were $161.523 million, slightly up from $160.593 million in 2024[35]. - Cash interest expense for the year ended December 31, 2025, was $7,845,000, compared to $2,030,000 in 2024, showing a significant increase of 286.5%[43]. - Preferred unit distributions for the year ended December 31, 2025, totaled $29,466,000, consistent with the previous year[43]. Future Outlook - Black Stone expects 2026 mineral and royalty production to range from 32.5 to 34.5 MBoe/d, with total production projected between 33 and 36 MBoe/d[25]. - The company anticipates a significant production increase throughout 2026, primarily driven by activity in the Shelby Trough and Permian Basin[5][25]. - Development agreements with Revenant Energy and Caturus Energy will add a minimum of 8 wells in 2026, ramping to 37 wells by 2031[6][20][21]. - The Partnership's oil hedge position for 2026 includes 615 MBbl at a price of $64.39 per barrel for each quarter[28]. - The natural gas hedge position for 2026 includes 12,600 BBtu at a price of $3.73 per MMBtu for Q1 2026[29]. Conference Call - Black Stone Minerals will host a conference call on February 24, 2026, to discuss its results and outlook for 2026[30].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Address of principal executive offices) (Zip Code) For the fiscal year ended December 27, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission file number 001-31429 Valmont Industries, Inc. (Exact name of reg ...

Financial Performance - Helix reported a net income of $8.3 million, or $0.06 per diluted share, for Q4 2025, down from $22.1 million, or $0.15 per diluted share, in Q3 2025[2]. - For the full year 2025, net income was $30.8 million, or $0.21 per diluted share, compared to $55.6 million, or $0.36 per diluted share, in 2024[3]. - Adjusted EBITDA for Q4 2025 was $73.9 million, a decrease from $103.7 million in Q3 2025 and an increase from $71.6 million in Q4 2024[2]. - Net revenues for the year ended December 31, 2025, were $1,291,474, a decrease of 4.9% compared to $1,358,560 for 2024[36]. - Gross profit for the year ended December 31, 2025, was $159,138, down 27.5% from $219,564 in 2024[36]. - Net income for the year ended December 31, 2025, was $30,827, a decline of 44.5% compared to $55,637 in 2024[36]. - Adjusted EBITDA for the year ended December 31, 2025, was $271,957, compared to $303,147 in 2024, reflecting a decrease of 10.2%[41]. - Free cash flow for the year ended December 31, 2025, was $120,407, down from $163,188 in 2024, a decline of 26.1%[41]. Revenue Breakdown - Total revenues for Q4 2025 were $334.2 million, down 6% from $355.1 million in Q4 2024[4]. - Well Intervention revenues decreased by $12.2 million, or 6%, in Q4 2025 compared to Q3 2025, primarily due to lower utilization[7]. - Robotics revenues decreased by $12.1 million, or 12%, in Q4 2025 compared to Q3 2025, attributed to lower vessel and ROV utilization[9]. - Shallow Water Abandonment revenues decreased by $17.1 million, or 23%, in Q4 2025 compared to Q3 2025, due to seasonal slowdowns[12]. - Production Facilities revenues decreased by $1.3 million, or 7%, in Q4 2025 compared to the prior quarter, primarily due to lower oil and gas production and prices from the Droshky field[14]. - Well Intervention revenues decreased by $100.5 million, or 12%, in 2025 compared to 2024, primarily due to lower utilization[21]. - Robotics revenues increased by $25.7 million, or 9%, in 2025 compared to 2024, attributed to increased trenching on third-party vessels[22]. - Production Facilities revenues decreased by $16.0 million, or 18%, in 2025 compared to 2024, mainly due to lower oil and gas production volumes[24]. Cash Flow and Liquidity - Helix generated Free Cash Flow of over $100 million in Q4 2025, totaling $120 million for the full year[4]. - The company ended 2025 with a cash balance of $445 million, providing significant optionality for future deployment[4]. - Operating cash flows were $113.2 million in Q4 2025, significantly higher than $24.3 million in the prior quarter and $78.0 million in Q4 2024[19]. - Free Cash Flow was $107.5 million in Q4 2025, compared to $22.6 million in the prior quarter and $65.5 million in Q4 2024[21]. - Cash and cash equivalents were $445.2 million at December 31, 2025, with total liquidity of $553.6 million[29]. - Cash and cash equivalents increased to $445,196 as of December 31, 2025, from $368,030 at the end of 2024, representing a 20.9% increase[38]. - The company reported a net cash provided by operating activities of $136,749 for the year ended December 31, 2025, down from $186,028 in 2024[39]. Expenses - Selling, general and administrative expenses were $20.3 million, or 6.1% of revenue, in Q4 2025, up from $18.2 million, or 4.8% of revenue, in the prior quarter[16]. - Selling, general and administrative expenses decreased to $75.9 million, or 5.9% of revenue, in 2025 compared to $91.7 million, or 6.7% of revenue, in 2024[25]. Market Outlook - Helix expects market improvements in the offshore sector in the latter half of 2026 and into 2027 despite current volatility[5]. Asset and Debt Management - Long-term debt including current maturities was $307,995 as of December 31, 2025, compared to $315,157 in 2024, indicating a reduction of 2.5%[41]. - Total assets as of December 31, 2025, were $2,615,904, slightly up from $2,597,080 in 2024[38]. Impairment - The company experienced a long-lived asset impairment of $18,064 for the year ended December 31, 2025[36].

As filed with the Securities and Exchange Commission on February 23, 2026 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSU ...