UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-K ☒ 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 For the transition period from to Commission file number 001-09718 THE PNC FINANCIAL SERVICES GROUP, INC. (Exact name of registrant as specified in its charter) Pennsylvania 25-1435979 (State or other jurisd ...

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 31, 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: 001-35243 Lisle, Illinois 60532 (Address of principal executive offices, including zip code) (630) 824-1000 (Registran ...

Financial Performance - PPL Corporation reported a consolidated net income of $1.2 billion for the fiscal year ended December 31, 2023, representing a 10% increase compared to the previous year[8]. - The company achieved an earnings per share (EPS) of $2.50, up from $2.27 in 2022, reflecting a 10% year-over-year growth[8]. - PPL Electric Utilities Corporation's revenue increased by 8% to $4.5 billion, driven by higher demand and rate adjustments[8]. - PPL's liquidity position remains strong, with cash and cash equivalents totaling $500 million as of December 31, 2023[22]. - The company expects to achieve a revenue growth rate of 5% to 7% in 2024, supported by ongoing infrastructure investments and customer growth[22]. Capital Expenditures and Investments - The company plans to invest approximately $2 billion in capital expenditures in 2024 to enhance infrastructure and expand service capabilities[22]. - LG&E and KU plan to invest approximately $1.0 billion in the construction of Mill Creek Unit 5, expected to begin commercial operation in mid-2027[136]. - Projected capital expenditure requirements for 2026 through 2028 will be influenced by environmental matters and regulatory changes[216]. Customer Growth and Service Expansion - PPL Corporation's customer base grew by 3% year-over-year, reaching 4.5 million customers across its service areas[22]. - PPL Electric serves approximately 1.5 million customers across a 10,000-square mile area in Pennsylvania[155]. - In 2025, 40% of residential, 81% of small commercial and industrial, and 98% of large commercial and industrial customers received electricity from competitive suppliers[168]. Sustainability and Environmental Initiatives - The company is focusing on sustainability initiatives, aiming for a 50% reduction in greenhouse gas emissions by 2030 compared to 2020 levels[22]. - PPL has set a goal of net-zero carbon emissions by 2050, which will involve retiring uneconomic generation and investing in new technologies[205]. - The EPA announced a plan to reconsider 31 environmental rules, including greenhouse gas emissions limits, which may impact capital expenditures for PPL, LG&E, and KU[196]. - The Clean Air Act requires periodic reviews of National Ambient Air Quality Standards (NAAQS) for pollutants, with potential implications for fossil fuel generation plants[198]. Regulatory and Compliance Challenges - PPL's financial performance is influenced by various factors, including weather conditions, regulatory proceedings, and capital market conditions[104]. - Compliance with NAAQS and related requirements may necessitate additional pollution controls, the costs of which are expected to be subject to rate recovery[200]. - The Clean Water Act imposes permitting and mitigation requirements that could result in significant costs for LG&E and KU, expected to be subject to rate recovery[207]. - Future regulatory developments regarding the Clean Water Act could impose substantial costs related to CCR impoundments and landfills, also subject to rate recovery[208]. Workforce and Employee Relations - PPL had a turnover rate of 10.83% for the year ended December 31, 2025[218]. - As of December 31, 2025, PPL employed a total of 6,546 full-time employees, with 36% represented by labor unions[219]. - PPL conducts annual benchmarking of employee compensation and benefits to attract and retain talent[218]. - PPL offers competitive benefits programs, including vacation time, expanded leave for new parents, and tuition reimbursement[218]. Strategic Acquisitions and Market Position - The company is exploring strategic acquisitions to enhance its market position, with a focus on renewable energy assets[22]. - PPL emphasizes the importance of strategic acquisitions and the integration of acquired entities to realize expected benefits[104].

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 31, 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: 001-36849 NATURAL HEALTH TRENDS CORP. (Exact name of registrant as specified in its charter) (State or other jurisdict ...

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K 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 For the transition period from: to . Commission file number: 1-13754 THE HANOVER INSURANCE GROUP, INC. | Title of each class | Trading Symbol | Name of each exchange on which registered | ...

Workforce and Talent Management - As of December 31, 2025, the company had a global workforce of over 6,500 people, with approximately 25% in Europe, 49% in Latin America, and 26% in North America[18] - The company has a talent strategy focused on attracting and retaining diverse employee talent, with initiatives including internships and trainee programs[28] - The company faces risks related to labor market competition, which could impact its ability to attract and retain skilled employees[37] - The company aims to enhance employee engagement, with over 80 action plans focused on safety, collaboration, and employee development, showing progress by the end of 2025[30] - The company has implemented a "People Before Paper" safety program since 2022, emphasizing mental health and overall well-being to improve workplace safety[22] - The company has established a Global Inclusion and Diversity Council to support its inclusion and diversity strategy, meeting quarterly to provide feedback and sponsorship[33] Environmental Sustainability and Compliance - In 2025, the company spent approximately $5.4 million on capital projects to control environmental releases, with an expected additional expenditure of $10 to $12 million over 2026 and 2027[46] - The company is committed to compliance with environmental regulations, including the U.S. EPA's maximum achievable control technology (MACT) standards for air emissions[40] - The company expects to spend about $6 to $8 million in 2026 for environmental control projects, part of a broader commitment to sustainability[46] - The company aims to reduce its Scope 1, 2, and 3 GHG emissions by 35% by 2030, using a 2019 baseline[49] - The company generated at least 85% of the energy used in its mills from carbon-neutral biomass residuals, minimizing fossil fuel use[63] - The company plans to source 100% of its fiber from sustainably managed forests and aims to conserve, enhance, or restore 250,000 acres of ecologically significant forestland globally by 2030[59] - The company has achieved a 25% reduction in water use at its mill in Tres Lagoas, Brazil, against a 2019 baseline[62] - The company follows credible certification systems for sustainable forest management, with approximately 50% of sourced fiber certified to recognized standards[61] - The company participates in the Carbon Disclosure Project to provide transparency on its environmental practices[64] - The company has a Chief Sustainability Officer overseeing sustainability strategies and initiatives, reporting to the board's Nominating and Corporate Governance Committee[66] - The company is subject to the European Union Deforestation Regulation (EUDR), which has a compliance deadline of December 30, 2026, requiring extensive diligence on the value chain[41] - The company is subject to various environmental regulations, including the EU ETS and GHG reporting rules in the U.S., which may impact operations and costs[50] Financial Performance and Risks - The company highlights the cyclical nature of the paper industry and the secular decline in paper demand as significant factors affecting performance[70] - Increased costs or reduced availability of raw materials, energy, and labor are noted as potential risks to manufacturing and delivery[70] - The company relies on a small number of customers, which could pose risks to revenue stability[70] - Compliance with extensive environmental and regulatory laws in various jurisdictions is a critical consideration for the company[70] - The company acknowledges potential cybersecurity risks that could affect operations and third-party relationships[70] - The company identifies various risks that could impact actual results, including economic conditions, competition, and supply chain disruptions[70] - The company incorporates market risk disclosures in its financial condition and results of operations analysis[258] - The company emphasizes that forward-looking statements are not guarantees of future performance and actual results may differ materially from those expressed or implied[70] - The company does not assume any obligation to update forward-looking statements to reflect subsequent events or actual outcomes[71] - The annual reports and other filings are publicly available on the company's website, ensuring transparency for investors[72] Regulatory Compliance and Reporting - The company will begin reporting for European operations under the CSRD in 2027 and for the entire company globally in 2029[51] - The Nymölla mill's eligibility for free allocation of GHG emission allowances under the EU ETS will terminate on December 31, 2025, but this is not expected to have a material financial impact[48]

Midstream Operations - The Midstream segment owns or holds partial interests in approximately 70,000 miles of pipeline systems, 39 refined product terminals, and 35 natural gas processing plants as of December 31, 2025[18]. - On April 1, 2025, the company acquired Coastal Bend, which includes long haul NGL pipelines and fractionation facilities[19]. - The company holds an aggregate direct and indirect economic interest of 86.8% in DCP Midstream, which sold its 25% ownership interest in Gulf Coast Express Pipeline LLC on January 30, 2025[20]. - The company has a gross storage capacity of 17,251 MBbl at the Clemens facility in Texas, with a 100% ownership interest[39]. - The Sweeny Hub has expanded its fractionation capacity to 675,000 B/D, enhancing its role in the U.S. Gulf Coast NGL market[34]. - The Coastal Bend assets acquired in 2025 include pipelines with a gross capacity of 225 MB/D, enhancing takeaway capabilities for DCP LP's operations[33]. - The company operates approximately 8,900 owned or leased railcars for rail movements, supporting its distribution operations[30]. - The Midstream segment exports liquefied petroleum gas (LPG) to global markets, enhancing its international presence[17]. - DCP LP's natural gas processing plants have a net nameplate processing capacity of 5 billion cubic feet per day (Bcf/d) across 35 active plants[32]. Refining Operations - The Refining segment operates 10 refineries in the United States and Europe, processing crude oil into various petroleum products[17]. - The Bayway Refinery has a capacity of 258 thousand barrels daily, producing 157 thousand barrels of gasoline and 130 thousand barrels of distillates with a yield capability of 93%[53]. - The Humber Refinery produces a high percentage of transportation fuels and is the only refinery in the UK with coking facilities, exporting refined products globally[57]. - The MiRO Refinery, the largest in Germany, operates as a joint venture with a capacity of 58 thousand barrels daily, producing a high percentage of transportation fuels[58]. - The Wood River Refinery has a capacity of 345 thousand barrels daily, producing a high percentage of transportation fuels and petrochemical feedstocks[64]. - On October 1, 2025, the company acquired the remaining 50% equity interest in WRB Refining LP, enhancing its refining capabilities[63]. - The company acquired the remaining 50% equity interest in WRB Refining LP from Cenovus on October 1, 2025, enhancing its operational control[63]. - The total net clean product capacity across all refineries is 1,948 thousand barrels daily, with a projected increase to 1,993 thousand barrels daily by January 1, 2026[53]. Chemicals Segment - The Chemicals segment includes a 50% equity investment in Chevron Phillips Chemical Company, which manufactures petrochemicals and plastics globally[17]. - CPChem's ethylene production capacity is 12,395 million pounds per year in the U.S., contributing to a total of 32,340 million pounds across all products[49]. - The Chemicals segment consists of a 50% equity investment in CPChem, which operates 29 manufacturing facilities globally[46]. - CPChem is constructing world-scale petrochemical facilities with a 4.6 billion pounds per year ethane cracker and two high-density polyethylene units with a combined capacity of 4.4 billion pounds per year in the U.S. Gulf Coast, and a similar facility in Ras Laffan, Qatar with a total capacity of 3.7 billion pounds per year, expected to be operational by 2027[50]. Marketing and Specialties - The Marketing and Specialties segment includes the manufacturing and marketing of base oils and lubricants, primarily in the U.S. and Europe[17]. - The Marketing and Specialties segment includes approximately 7,620 branded outlets in 48 states as of December 31, 2025, marketing gasoline, diesel, and aviation fuel[71]. - The wholesale operations utilize a network of approximately 5,360 outlets, emphasizing lower capital requirements in the wholesale channel[72]. - The company has a retail joint venture with approximately 780 outlets in the West Coast, Midcontinent, and Rockies regions as of December 31, 2025[75]. - In the UK, the company operates approximately 320 marketing outlets, with a 35% interest in about 960 predominantly JET-branded sites in Germany and Austria[76]. - The company divested 65% of its interest in the Germany and Austria retail marketing business on December 1, 2025, retaining a 35% non-operating equity interest[78]. Renewable Fuels - The Renewable Fuels segment processes renewable feedstocks into products at the Rodeo Renewable Energy Complex and Humber Refinery[17]. - The Rodeo Complex processes approximately 50,000 B/D (800 million gallons per year) of renewable feedstocks into renewable fuels[84]. - A 30.2 megawatt solar facility was completed at the Rodeo Complex, reducing grid power demand by 50% and expected to avoid approximately 33,000 metric tons of CO2 emissions annually[85]. - An agreement was made to supply approximately 83 million gallons of sustainable aviation fuel over three years, expected to reduce greenhouse gas emissions by approximately 737,000 metric tons[86]. - The Renewable Fuels segment includes global activities to procure renewable feedstocks and manage regulatory credits, focusing on renewable diesel and renewable jet fuel[83]. Safety and Human Capital - The personal safety performance metrics include an ISI rate of 0.018 and a combined workforce TRR of 0.11 for 2025[94]. - The company aims for continuous improvement in human capital management, focusing on capability building and leadership development[91]. - The company had approximately 12,600 employees as of December 31, 2025, focusing on delivering energy and improving lives[89]. - The company holds a total of 583 active patents in 18 countries, including 445 active U.S. patents as of December 31, 2025[96]. Environmental and Regulatory - The company is subject to various federal and state environmental regulations, which impact capital expenditures and competitive positioning[98].

Financial Performance - Total revenue for Q4 2025 reached $407.0 million, a 4.5% increase year-over-year from $389.6 million in Q4 2024[2] - Net income for the year ended December 31, 2025, was $850.4 million, up from $807.6 million in 2024, reflecting a growth of 5.3%[2] - Adjusted Funds from Operations (AFFO) for Q4 2025 was $290.0 million, representing a 7.5% increase from $269.7 million in Q4 2024[2] - Total revenue for the three months ended December 31, 2025, was $407.031 million, an increase from $389.615 million in the same period of 2024, representing a growth of 4.1%[16] - Net income for the three months ended December 31, 2025, was $275.356 million, compared to $223.610 million in 2024, reflecting a year-over-year increase of 23.2%[16] - Basic earnings per common share for the three months ended December 31, 2025, were $0.94, up from $0.79 in the same period of 2024, indicating an increase of 19.0%[16] - Income from operations for the year ended December 31, 2025, was $1.201 billion, compared to $1.130 billion in 2024, marking an increase of 6.3%[16] - Funds from operations (FFO) for the year ended December 31, 2025, reached $1.114 billion, compared to $1.062 billion in 2024, marking a 4.9% increase[22] - Comprehensive income attributable to common shareholders for the year ended December 31, 2025, was $826.015 million, compared to $784.620 million in 2024, showing an increase of 5.3%[16] Capital Expenditures and Investments - GLPI's current pipeline for future capital outlays amounts to approximately $2.6 billion, with a blended cap rate over 8%[4] - The company executed three new transactions totaling approximately $876 million at a blended cap rate of over 9% during 2025[4] - The company funded $201.6 million for the Bally's Chicago project, with a total commitment of $940 million[5] - The company has a funding commitment of $225 million for the relocation of Hollywood Casino Aurora, with no amount funded as of December 31, 2025[30] - The company anticipates funding $940 million for real estate construction costs for Bally's Chicago, with $201.6 million already funded[30] Debt and Financial Ratios - As of December 31, 2025, GLPI's net financial leverage stood at 4.6x, below the target range of 5.0x to 5.5x[6] - Total long-term debt as of December 31, 2025, was $7.204 billion, down from $7.736 billion in 2024, indicating a reduction of 6.9%[27] - The weighted average interest rate on the company's long-term debt is 5.026%[27] - The company has a total equity attributable to Gaming and Leisure Properties of $4.626 billion as of December 31, 2025, compared to $4.269 billion in 2024, reflecting an increase of 8.4%[26] Lease Agreements and Coverage Ratios - The coverage ratio for the Amended PENN Master Lease is reported at 1.86 as of September 30, 2025, exceeding the minimum requirement of 1.8[33] - The Amended Pinnacle Master Lease has a coverage ratio of 1.69 as of September 30, 2025, with a minimum escalator coverage governor of 1.8[35] - The Bally's Master Lease II has a coverage ratio of 2.60 as of September 30, 2025, indicating strong financial health[36] - The Boyd Master Lease has a coverage ratio of 2.45 as of September 30, 2025, with a maximum annual base rent escalator of 2%[37] - The coverage ratio for the Casino Queen Master Lease is set at 1.35, with specific conditions based on the tenant's parent's net leverage[36] - Coverage ratio at September 30, 2025 for Horseshoe St. Louis is 3.06, for Belterra Park is 1.98, and for MD Live! is 3.50[39] Future Outlook and Strategic Plans - The company has established AFFO guidance for 2026 between $1.207 billion and $1.222 billion, or between $4.06 and $4.11 per diluted share[9] - The company plans to continue expanding its market presence through strategic acquisitions and new lease agreements, aiming for sustained revenue growth in the upcoming fiscal year[16] - The company expects future growth and cash flows in 2026 and beyond, with specific 2026 AFFO guidance provided[46] - The company is focused on identifying suitable acquisition and development opportunities to expand its portfolio[46] Risks and Challenges - Higher inflation and interest rates may impact discretionary consumer spending, affecting the casino operations of the company's tenants[46] - The company acknowledges potential risks from economic policies, health crises, and geopolitical events that could impact operations[46] - The ability of the company's tenants to meet their financial obligations is crucial for maintaining overall financial health[46] - The company may face challenges related to retaining key management personnel and accessing capital markets[46] Regulatory and Compliance - The company emphasizes the importance of maintaining its REIT status, which is subject to complex Internal Revenue Code provisions[46] - Regulatory approvals are necessary for the company to own its properties and complete planned acquisitions[46] - The corporate guarantee is present in both the Amended PENN Master Lease and the Amended Pinnacle Master Lease, providing additional security[33][35]

Financial Risks - The company reviews historical data and various factors to establish loss reserves, assuming that past experience is a basis for predicting future events [125]. - Catastrophic losses, particularly from hurricanes and earthquakes, are unpredictable and could lead to material financial losses for the company [126]. - The company uses models to assess exposure to catastrophic events, but actual losses may exceed modeled expectations, impacting financial results [128]. - Economic downturns could lower demand for insurance products, adversely affecting revenue and profitability, especially in the construction sector, which constitutes approximately one-third of the business [133]. - Access to capital and market liquidity is crucial for the company’s growth; disruptions could adversely affect business opportunities [134]. - The company relies on dividends from its insurance subsidiaries to meet obligations, but state insurance laws restrict these payments, potentially impacting financial flexibility [135]. - The ability to pay dividends on common stock is not guaranteed and depends on the company's financial condition and regulatory constraints [136]. - The investment portfolio's value may fluctuate due to changes in interest rates and market conditions, impacting the company's financial condition [137]. Operational Risks - Operational risks, including reliance on third-party vendors and potential cybersecurity breaches, could disrupt business and incur significant expenses [143]. - Any significant interruption in operations could materially impact the company's financial condition and profitability [144]. - The company faces risks from cyber security incidents that could disrupt operations and result in significant liabilities, potentially impacting reputation and financial performance [146]. - The company is subject to litigation risks that could materially affect financial condition and operations, with uncertainties surrounding potential unfavorable outcomes [151]. Market and Investment Risks - The fair value of the fixed income portfolio as of December 31, 2025, is $3.5 billion, with potential decreases of $184 million and $352 million if interest rates increase by 100 and 200 basis points, respectively [336]. - The equity portfolio's fair value as of December 31, 2025, is $899 million, with potential decreases of $85 million and $169 million if the S&P 500 Index declines by 10% and 20%, respectively [337]. - The company has a beta of 0.9 for its equity portfolio compared to the S&P 500's beta of 1.0, indicating a lower sensitivity to market fluctuations [334]. - The company has been managing market risk through diversification and matching the duration of assets to liabilities to mitigate interest rate risk [332]. Technological and Competitive Risks - The company’s ability to compete may be impaired if it cannot keep pace with technological advancements in the insurance industry [147]. Regulatory and Structural Risks - The company is subject to anti-takeover provisions that could delay or prevent beneficial changes in control [152]. - The company has cyber insurance, but coverage may not fully protect against all potential cyber security incidents [146]. Health-Related Risks - The company may experience reduced cash flows and increased claims due to public health outbreaks, which could adversely affect revenues and profitability [148].

Acquisitions and Investments - As of December 31, 2025, the Company completed acquisitions for a total cash purchase price of approximately $191.1 million[99] - The Company plans to continue pursuing strategic acquisitions and expanding its outdoor advertising display portfolio[244] - Cash flows used in investing activities increased by $79.7 million from $164.9 million in 2024 to $244.6 million in 2025, primarily due to acquisitions and capital expenditures[246] Revenue Generation - The Company generated approximately 4% of its revenues from state-awarded logo sign contracts in 2025[104] - The Company generated approximately 7% of its revenues from transit advertisements in 2025[106] - Net revenues increased by $59.1 million, or 2.7%, to $2.27 billion for the year ended December 31, 2025, compared to $2.21 billion for 2024[257] - Billboard net revenues increased by $57.7 million, while logo net revenues increased by $5.2 million, offset by a decrease in transit net revenues of $3.7 million[257] - Total reported net revenues for the year ended December 31, 2025, were $2,266.2 million, compared to $2,207.1 million in 2024[268] Financial Performance - Operating income as a percentage of net revenues rose to 34.2% in 2025 from 24.1% in 2024[256] - Net income as a percentage of net revenues increased to 26.2% in 2025 from 16.5% in 2024[256] - Operating income increased by $242.0 million to $774.6 million for the year ended December 31, 2025, compared to $532.6 million in 2024[262] - Net income for the year ended December 31, 2025, was $593.6 million, up from $363.5 million in 2024, representing a 63.3% increase[266][269] - Adjusted EBITDA for the year ended December 31, 2025, increased by 2.4% to $1.06 billion, primarily due to a $40.0 million increase in gross margin[269][272] - FFO for the year ended December 31, 2025, was $827.9 million, compared to $799.0 million in 2024, reflecting a 3.6% increase[273] - AFFO for the year ended December 31, 2025, increased by 3.4% to $847.2 million, compared to $819.6 million in 2024[273] Cash Flow and Distributions - Cash flows provided by operating activities decreased by $9.6 million from $873.6 million in 2024 to $864.0 million in 2025[245] - Cash flows used in financing activities decreased by $99.1 million, totaling $604.3 million for 2025 compared to $703.4 million in 2024[247] - The Company's cash distributions are not guaranteed and may fluctuate based on various factors, including operational results and debt covenant restrictions[111] - The company must distribute at least 90% of its REIT taxable income to maintain its REIT status, which may limit its ability to retain earnings[138] - If the company fails to qualify as a REIT, it could face substantial corporate tax liabilities, reducing cash available for distributions[131] Regulatory and Compliance Issues - The company is subject to federal, state, and local regulations that impact outdoor advertising operations, including the Highway Beautification Act[120] - The company has encountered regulations that restrict or prohibit digital displays, but these have not materially impacted deployment to date[124] - Future studies on digital billboards' impact on driver safety may lead to new regulations that could adversely affect the company's business[125] - The company believes the number of billboards subject to removal as illegal is immaterial, but local governments can require removal of legally erected signs[122] - The Company has determined that it is uneconomical to insure against losses from hurricanes and other natural disasters, which could result in significant losses[107] Operational Challenges - The Company faces competition from larger outdoor advertisers and other media, which could adversely affect its financial performance[118] - The Company may experience increased costs related to its digital platform investments, which may not yield the expected benefits[108] - The Company may face challenges in renewing its expiring contracts, including seven logo sign contracts set to expire in 2026[105] - The company may incur costs related to environmental, social, and governance (ESG) initiatives, which could impact its reputation and business[129] Ownership and Governance - The Reilly family, including key executives, owned approximately 15% of the Company's outstanding common stock, representing about 63% of the voting power as of December 31, 2025[94] - Compliance with REIT requirements may hinder the company's ability to pursue attractive investment opportunities[143] Asset Management - The asset retirement obligation was recorded at $624.9 million as of December 31, 2025[249] - Depreciation and amortization expense decreased by $136.6 million to $326.3 million for the year ended December 31, 2025, from $463.0 million in 2024[260] - Lamar Media recognized a gain on disposition of assets of $75.9 million for the year ended December 31, 2025, compared to $6.1 million in 2024[261]