Sustainability Initiatives - In 2025, the company incurred capital expenditures of $241 million for health, safety, and environmental compliance, with an estimated $235 million planned for 2026 [81]. - The company aims to produce and market 800 thousand metric tons of recycled and renewable-based polymers annually by 2030, with a goal to reduce absolute scope 1 and 2 greenhouse gas emissions by 32% by 2030 relative to a 2020 baseline [83]. - The MoReTec-1 plant, set to start in 2027, will convert post-consumer plastic waste into feedstock, operating under 100% renewable power and reducing GHG emissions compared to traditional processes [84]. - Power purchase agreements secured in 2024 will enable the company to procure at least 50% of its electricity from renewable sources by 2030, reducing scope 2 GHG emissions by over 1.8 million metric tons annually [85]. - The shutdown of refining operations at the Houston refinery is expected to reduce scope 1 and 2 GHG emissions by approximately 3 million metric tons and scope 3 emissions by about 40 million metric tons by the end of 2026 compared to 2020 levels [86]. - The company estimates that capital spending to support sustainability goals will represent approximately 15% of the total 2026 capital budget, while delaying certain sustainability-related projects to preserve capital [88]. Workforce and Leadership - As of December 31, 2025, the company had approximately 18,970 employees, a decrease of about 7% compared to 2024, due to fixed cost reductions and the Houston refinery shutdown [92]. - In 2025, women held 25% of global senior leadership roles, with an aspirational goal of at least 33% male and female senior leaders globally by 2032 [95]. - The 2025 employee survey indicated that 82% of respondents believe they are treated fairly, reflecting the company's focus on equity and fairness in its systems and processes [96]. - In 2025, over 500 employees participated in global leadership development programs, with a new series focused on preparing leaders to navigate change attended by 138 leaders [98]. Financial Performance and Risk Management - The company estimates that a 10% change in commodity prices would affect the fair value of its commodity derivative contracts by approximately $51 million in 2025 and $45 million in 2024 [334]. - The company has foreign currency contracts with a notional amount of €2,510 million, which could impact other comprehensive income by $180 million in 2025 and $77 million in 2024 due to a 10% fluctuation in the euro/U.S. dollar rate [336]. - As of December 31, 2025, approximately 85% of the company's debt portfolio incurred interest at a fixed rate, with the remaining 15% at a variable rate [343]. - The company has no outstanding borrowings under its $3,750 million Senior Revolving Credit Facility and $900 million U.S. Receivables Facility as of December 31, 2025 [344]. - The company reported net foreign currency gains of $6 million in 2025 and $15 million in 2024 [339]. Research and Development - The company maintains research facilities in multiple locations, including Michigan, Texas, Ohio, Italy, and Germany [109]. - The company has a pre-issuance interest rate strategy involving forward-starting interest rate swaps, with no open contracts as of December 31, 2025 [341]. - The company’s interest rate swaps had a total notional amount of $1,885 million in 2025, down from $2,158 million in 2024 [342]. - The company’s foreign currency contracts that are accounted for as economic hedges have an aggregate notional amount of $295 million, maturing between January 2026 and October 2026 [339].

Customer Base and Services - Alliant Energy serves approximately 1,010,000 electric and 435,000 natural gas customers in the Midwest through its subsidiaries IPL and WPL[27]. - As of December 31, 2025, IPL provided electric service to approximately 505,000 customers and natural gas service to approximately 230,000 customers in Iowa[27]. - WPL supplied electric service to approximately 505,000 customers and natural gas service to approximately 205,000 customers in Wisconsin as of December 31, 2025[28]. - Alliant Energy's electric utility operations serve a diverse customer base, primarily in farming, industrial manufacturing, and data centers, with significant competition from self-generation and alternative energy sources[82][84]. Employee and Labor Relations - Alliant Energy had a total of 2,948 employees, with 58% covered by collective bargaining agreements[34]. - The majority of IPL's bargaining unit employees (74%) and WPL's bargaining unit employees (86%) are covered by collective bargaining agreements[34]. - Alliant Energy's Total Rewards programs include competitive salaries, a 401(k) savings plan, and various health benefits[41]. Safety and Environmental Compliance - The company is committed to safety, implementing a comprehensive safety management system to track performance and improve safety culture[36]. - Alliant Energy's energy efficiency plan (EEP) is required to be filed every five years with the IUC to achieve specified levels of energy savings[55]. - The EPA's final Section 111(d) rule requires states to implement plans to reduce CO2 emissions from fossil-fueled EGUs, with compliance phased in starting in 2030[70]. - Alliant Energy, IPL, and WPL are subject to significant regulatory uncertainty regarding environmental regulations, which could materially impact their financial condition[68]. - The Clean Air Act's revised standards under Section 111(b) establish CO2 emissions limits for new fossil-fueled EGUs, affecting future construction and operation[71]. - The company has established voluntary greenhouse gas (GHG) reduction goals, but uncertainties regarding regulations and technology may hinder progress[118]. - Alliant Energy aims to eliminate all coal-fired EGUs from its generating fleet by 2040 and achieve net-zero GHG emissions from its utility operations by 2050[209]. Financial Performance - Total revenues for Alliant Energy reached $3.697 billion in 2025, up from $3.372 billion in 2024, representing an increase of 9.7% year-over-year[98]. - Total revenues for IPL and WPL combined reached $1,896 million in 2025, up from $1,747 million in 2024, representing an increase of 8.5%[100]. - Alliant Energy's net income for Utilities and Corporate Services increased by $153 million in 2025, reaching $875 million, compared to $722 million in 2024, resulting in an EPS of $3.39, up from $2.81[179]. - Alliant Energy's net income decreased by $34 million in 2025 compared to 2024, primarily due to an asset valuation charge and higher financing expenses[181]. Revenue and Sales Growth - Residential sales increased to $1.339 billion in 2025 from $1.236 billion in 2024, a growth of 8.3%[98]. - Electric utility revenues increased by $325 million for Alliant Energy in 2025 compared to 2024, driven by higher revenue requirements and changes in sales volumes due to temperatures[186]. - Retail electric sales volumes increased by 2% in 2025, while retail gas sales volumes increased by 14%, primarily due to temperature changes[183]. - Gas utility revenues increased by $60 million for Alliant Energy in 2025, driven by changes in gas costs and sales volumes due to temperatures[187]. Capital Expenditures and Investments - The company has forecasted capital expenditures of approximately $13 billion over the next four years, which is dependent on access to capital markets[140]. - Alliant Energy plans to develop and/or acquire approximately 1,600 MW of new natural gas resources, 1,000 MW of new energy storage, and 1,300 MW of new renewable generation over the next five years[180]. - Alliant Energy's capital allocation strategy focuses on growth, including the development of energy resources to meet future demand and investments in transmission through ATC[174]. - The company plans to invest in technology to enhance productivity and efficiency, with estimated capital expenditures for technology projects included in the construction and acquisition expenditures table for 2026 through 2029[215]. Regulatory Environment - The company is subject to various regulations, including the Public Utility Holding Company Act of 2005 and the Energy Policy Act of 2005, impacting its operations[45]. - Regulatory authorities may impose financial penalties and sanctions, which could adversely impact the construction of new projects and financial condition[115]. - The utility business is significantly impacted by government legislation and regulation, affecting rates, authorized returns, and cost recovery[114]. Risks and Challenges - The company faces significant risks from cyber attacks, which could disrupt operations and lead to loss of confidential information, potentially resulting in substantial financial losses[125]. - Supply chain disruptions are expected to continue impacting the company's ability to procure critical materials and services, leading to increased costs and delays in construction projects[128]. - Natural disasters and extreme weather events may lead to increased operational costs and reduced energy demand, negatively impacting revenues[131]. - Inflation has significantly increased costs for labor, materials, and services, which may not be fully recoverable in rates, impacting financial results[138]. - The company relies on non-utility operations for a portion of earnings, and underperformance in these areas could adversely affect financial condition[135]. Future Outlook - Alliant Energy expects to issue up to $2.4 billion of common stock from 2026 through 2029[195]. - Alliant Energy, IPL, and WPL expect increases in electric utility and gas utility revenues in 2026 compared to 2025 due to rising revenue requirements[195]. - Alliant Energy, IPL, and WPL anticipate an increase in retail electric sales in 2026 driven by expected load growth from new customers[195].

Financial Performance - Net revenues for the year ended December 31, 2025 increased by $72.5 million to $2.01 billion, a growth of 3.7% compared to 2024 [261]. - Operating income for 2025 was $597.4 million, reflecting a 5.1% increase from $568.7 million in 2024 [262]. - Casino revenues rose by 5.0% to $1.34 billion, while room revenues decreased by 5.2% to $190.1 million due to renovations [259][261]. - Food and beverage revenues remained stable at $362.4 million, with a 5.2% increase in guests served but a 4.4% decrease in average guest check [264]. - Net income attributable to Red Rock increased by 22.1% to $188.1 million compared to $154.1 million in 2024 [259]. - Adjusted EBITDA for 2025 was $848,591, up from $795,900 in 2024, reflecting an increase of about 6.6% [280]. - Net income for 2025 was $355,670, compared to $291,292 in 2024, indicating a growth of approximately 22.1% [280]. Expenses and Costs - SG&A expenses increased by 2.1% to $441.3 million, representing 21.9% of net revenues, effectively flat compared to the prior year [268]. - Interest expense, net, decreased by 11.8% to $201.9 million, primarily due to lower interest rates and borrowings [271]. - Cash paid for capital expenditures in 2025 was $319.0 million, compared to $283.9 million in 2024, primarily related to renovation and expansion projects [306]. Cash Flow and Liquidity - Cash and cash equivalents as of December 31, 2025, totaled $142.5 million, with borrowing availability under the revolving credit facility at $898.2 million [288]. - The company reported net cash provided by operating activities of $609,513 for the year ended December 31, 2025, compared to $548,263 in 2024 [303]. - Net cash provided by operating activities for the year ended December 31, 2025 totaled $609.5 million, an increase from $548.3 million in 2024, driven by higher revenues and changes in working capital accounts [305]. - The company anticipates that cash on hand and cash generated from operations will be sufficient to fund operations and capital requirements for the next twelve months [302]. Dividends and Share Repurchase - A quarterly cash dividend of $0.26 per share of Class A common stock is scheduled for March 31, 2026, along with a special cash dividend of $1.00 per share on February 27, 2026 [298]. - The company repurchased 1,551,576 shares in open market transactions at a weighted-average price of $51.45 per share during the year ended December 31, 2025 [301]. - The company paid $120.8 million in dividends to Class A common stockholders for the year ended December 31, 2025 [307]. Debt and Financing - As of December 31, 2025, the company had $1.7 billion of borrowings under credit agreements based on variable rates, with a potential annual interest cost increase of approximately $17.3 million for a 1% rise in rates [297]. - The company reduced its outstanding indebtedness by $15.7 million for the year ended December 31, 2025 [307]. - Total cash flows from financing activities for the year ended December 31, 2025 were $(385.6) million, compared to $(199.7) million in 2024 [303]. Taxation - The effective tax rate for 2025 was 11.6%, slightly higher than 11.2% in 2024, with income tax expense of $46.7 million [276]. - As of December 31, 2025, the company had a net deferred tax asset of $12.1 million related to the outside basis difference in its partnership investment [320]. Regulatory and Compliance - The company is subject to extensive regulation by gaming authorities, which may impact future operations and financial performance [314]. - The company is currently in compliance with all applicable covenants as of December 31, 2025 [311]. - The company is subject to a maximum total secured leverage ratio of 5.00 to 1.00 as part of its financial ratio covenants [311]. Development Projects - Development fee revenues of $17.6 million were recognized from the North Fork Project, including a $6.1 million catch-up for prior years [266]. - A gain of $8.5 million was recognized on Native American development related to the North Fork Project [275]. - The company has development agreements with the North Fork Rancheria of Mono Indians to assist in developing a gaming and entertainment facility in California [313].

Business Operations - AbbVie operates as a single global business segment focused on innovative medicines and therapies, enabling resource allocation and performance assessment on a global basis[15]. - AbbVie’s commercial efforts are organized by geographic region or therapeutic area, enhancing market reach and operational efficiency[15]. - AbbVie engages in various arrangements, including acquisitions and licensing agreements, to enhance its product development and market presence[58][59]. Product Portfolio - AbbVie's immunology products, including Skyrizi and Rinvoq, address unmet needs in autoimmune diseases, with Skyrizi approved for conditions like plaque psoriasis and Crohn's disease in major markets[16][18]. - Humira, a key product, is approved for multiple autoimmune diseases in North America and the European Union, including rheumatoid arthritis and ulcerative colitis[22]. - AbbVie's oncology portfolio includes Imbruvica and Venclexta, targeting blood cancers, with Imbruvica being one of the first therapies to receive FDA Breakthrough Therapy Designation[28][29]. - The aesthetics portfolio, including Botox Cosmetic and Juvederm Collection, holds market-leading positions in the U.S. and key global markets[33][34]. - AbbVie is expanding its product offerings in eye care with Ozurdex, indicated for diabetic macular edema and other conditions, available in numerous markets[35]. - AbbVie's key products include Mavyret for hepatitis C treatment, which is approved for chronic HCV genotype 1-6 infection in patients aged 12 and older[39]. - Creon is a pancreatic enzyme therapy for exocrine pancreatic insufficiency, marketed only in the United States[40]. - Linzess, marketed as Constella outside the U.S., treats irritable bowel syndrome with constipation and chronic idiopathic constipation[41]. Research and Development - The company emphasizes a global research and development organization to support product discovery and supply chain management[15]. - AbbVie invests significantly in research and development, focusing on compounds for complex, life-threatening diseases, with integrated project teams enhancing discovery and development[62]. - The research and development process typically takes 8 to 12 years, with no guarantee of regulatory approval for new drugs[64]. - Clinical trials are conducted in phases, with Phase 3 involving a significantly larger patient population to demonstrate efficacy and safety[65]. - AbbVie supplements its R&D efforts through acquisitions, partnering with biotechnology companies and academic institutions to enhance its portfolio[62]. Regulatory Environment - Regulatory approval processes vary by country, with the U.S. FDA requiring successful preclinical tests and clinical trials before marketing approval[67]. - Compliance with regulatory requirements incurs significant costs and can delay product releases, affecting AbbVie's market strategy[77]. - The Inflation Reduction Act of 2022 mandates government-set prices for select high-expenditure Medicare drugs, potentially impacting AbbVie's revenues[84]. - In the European Union, governments regulate pharmaceutical product prices, affecting reimbursement and market access for new products[85]. - Japan's National Health Insurance system sets drug prices and mandates price cuts every other year, impacting AbbVie's pricing strategy[87]. - Emerging markets are increasingly implementing price controls and promoting generics, which may affect AbbVie's competitive positioning[88]. Financial Information - AbbVie's strategic goals include long-term planning and forecasting based on consolidated financial information regularly reviewed by the Chief Operating Decision Maker[15]. - In 2025, three wholesale distributors accounted for substantially all of AbbVie's pharmaceutical product sales in the U.S., with no individual wholesaler exceeding 43% of gross revenues[44]. - AbbVie has a substantial patent portfolio, with key patents for risankizumab and upadacitinib expected to expire in 2033, and no generic entry for Rinvoq tablets expected prior to April 2037[56]. - AbbVie maintains robust supplier relationships and inventory management to mitigate supply disruptions in its manufacturing processes[60][61]. - AbbVie's capital expenditures for pollution control in 2025 were approximately $17 million, with estimated expenditures of $21 million in 2026[96]. - As of December 31, 2025, AbbVie employed approximately 57,000 employees in over 70 countries[98]. - AbbVie has approximately $19.6 billion in total foreign currency forward exchange contracts outstanding as of December 31, 2025[322]. - A 10% appreciation in the underlying currencies being hedged would decrease the fair value of foreign exchange forward contracts by $2.0 billion at December 31, 2025[322]. - An increase in interest rates of 100 basis points would adversely impact the fair value of AbbVie's interest rate swap contracts by approximately $81 million[324]. - The company estimates that an increase of 100 basis points in long-term interest rates would decrease the fair value of long-term debt by $4.5 billion at December 31, 2025[324]. Employee and Environmental Initiatives - AbbVie has invested significantly in equipping employees with foundational artificial intelligence (AI) skills to adapt to evolving work environments[102]. - AbbVie conducts annual pay equity analyses to ensure equal employment opportunity and non-discrimination[105]. - The company believes that its environmental compliance efforts will not have a material adverse effect on its financial position or results of operations[97].

Financial Performance - Net sales for 2025 were $2.1 billion, representing a 5% increase compared to 2024, driven by acquisitions, price realization, and higher volumes[85] - Gross profit for 2025 was $755.9 million, maintaining a gross profit margin of 35.5% consistent with 2024[94] - Diluted earnings per share for 2025 was $3.22, a decrease of $0.64 from the prior year, impacted by a pension settlement charge of $41.5 million net of tax[85] - Operating income increased by 10% to $268.9 million in 2025, with significant contributions from the Distribution segment, which saw a $15.5 million increase[98] - The Company reported a net income of $148.7 million for 2025, compared to $181.6 million in 2024, reflecting the impact of the pension settlement[110] Cash Flow and Investments - Cash flows from operating activities were $238.9 million in 2025, down from $261.4 million in 2024, primarily due to changes in working capital[117] - Cash used in investing activities was $157.1 million in 2025, significantly higher than $45.6 million in 2024, mainly due to increased acquisition activity[118] - Net cash used by financing activities increased to $197.3 million in 2025 from $74.1 million in 2024, primarily due to increased stock repurchases[119] Expenses and Obligations - SG&A expenses increased to $486.2 million in 2025, with a ratio of 22.8% of net sales, down from 23.3% in 2024[96] - The Company has total contractual obligations of $302.7 million, with $167.1 million related to debt obligations due in 2026[120] - Estimated future pension and post-retirement benefit payments are approximately $6.2 million in 2026, excluding a non-current liability of $17.0 million for pension plans[121] Market Risks and Currency - The Company experienced a foreign currency transaction expense of $9.3 million in 2025, primarily due to losses associated with the Argentine Peso and Turkish Lira[108] - The Company actively monitors market risks associated with foreign currency exchange rates, interest rates, and commodity prices[138] - A hypothetical strengthening of the US Dollar by about 2% would have reduced 2025 sales by less than 1%[139] - A 10% adverse movement in prices for raw metal commodities would result in less than a 1% decrease in gross margin as a percentage of net sales[141] Pension and Tax Liabilities - Unrecognized tax benefits amount to approximately $3.0 million, with an additional liability for potential penalties and interest of $1.1 million[122] - The weighted-average discount rate for domestic pension plans decreased from 5.48% to 4.07% year-over-year, impacting liabilities[135] - A hypothetical 100 basis points increase in interest rates would have increased interest expense by $1.2 million during 2025, with $30.0 million in borrowings under the Credit Agreement[140] Acquisitions and Goodwill - The Company acquired Barnes de Colombia S.A. and PumpEng Pty Ltd in Q1 2025, contributing $48.9 million in incremental net sales[83] - The Company completed its annual impairment tests of goodwill and indefinite-lived trade names, determining that fair values were substantially in excess of carrying values[131]

Table of Contents REINSURANCE GROUP OF AMERICA, INCORPORATED UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 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 ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission file number 1-11848 Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well- ...

Financial Performance - Net sales for the year ended December 31, 2025, were $1,158.3 million, an increase of $74.3 million, or 6.9%, compared to 2024, driven by higher shipments and surcharges [162]. - Net sales for 2025 totaled $1,158.3 million, with base sales of $914.4 million after excluding surcharges of $243.9 million, compared to net sales of $1,084.0 million in 2024 [189]. - Net sales for 2025 reached $1,158.3 million, a 6.8% increase from $1,084.0 million in 2024, but a decrease from $1,362.4 million in 2023 [314]. - The United States accounted for $1,039.5 million of net sales in 2025, representing a 9.3% increase from $951.0 million in 2024, while foreign sales decreased to $118.8 million from $133.0 million [314]. - Revenue from the automotive sector was $472.3 million in 2025, up from $452.3 million in 2024, while industrial revenue increased to $408.1 million from $390.5 million [315]. - Net loss for 2025 was $(1.2) million, compared to a net income of $69.4 million in 2023 [265]. - Comprehensive loss for 2025 was $3.5 million, compared to a loss of $3.4 million in 2024 and a profit of $67.1 million in 2023 [268]. Profitability and Expenses - Gross profit for 2025 decreased by $2.6 million, or 2.7%, primarily due to unfavorable price/mix, despite higher volume and favorable raw material spread [165]. - SG&A expenses increased by $6.3 million, or 7.2%, in 2025, mainly due to higher variable compensation and annual merit increases [169]. - The company incurred restructuring charges of $2.7 million in 2025, which were not present in 2024 or 2023 [265]. - The company reported a stock-based compensation expense of $14.7 million in 2025, up from $14.0 million in 2024 [274]. Cash Flow and Liquidity - Total liquidity as of December 31, 2025, was $389.2 million, including cash and cash equivalents of $156.7 million [160]. - The company reported a decrease in cash and cash equivalents from $240.7 million in 2024 to $156.7 million in 2025, contributing to total liquidity of $389.2 million, down from $458.6 million [193][194]. - Operating activities generated $16.0 million in net cash for 2025, a significant decline from $40.3 million in 2024 and $125.3 million in 2023 [204]. - Net cash provided by operating activities decreased to $16.0 million in 2025 from $40.3 million in 2024, primarily due to higher working capital and increased pension contributions [205]. - Net cash used by investing activities rose significantly to $75.2 million in 2025 from $10.8 million in 2024, driven by higher capital expenditures and accelerated government-supported project spending [206]. - Net cash used by financing activities decreased to $25.2 million in 2025 from $68.9 million in 2024, attributed to lower shares surrendered for taxes and reduced repurchases of common shares [207]. Capital Expenditures and Investments - The company invested $109.0 million in capital expenditures in 2025, focusing on safety, equipment automation, and efficiency improvements [160]. - The company expects capital expenditures of approximately $70 million in 2026, including $35 million partially funded by the U.S. government [196]. - The company repurchased approximately 0.9 million common shares at a cost of $13.1 million, reducing diluted shares outstanding by 1.7 million shares [160]. - The company repurchased approximately 0.9 million common shares in 2025 at an average price of $14.53 per share, with a remaining balance of $89.7 million under its share repurchase program [202]. Pension and Retirement Obligations - A net loss of $6.6 million from pension and postretirement benefit plans was recognized in 2025, driven by a $27.8 million increase in pension liability [176]. - The company contributed $62.0 million to pension plans in 2025, with an expected total contribution of approximately $27 million for 2026 [197]. - Projected benefit obligations for pension and other postretirement plans were $534.8 million and $75.6 million, respectively, with an underfunded status of $91.7 million and $29.7 million [225]. - Net periodic pension expense for 2025 was $15.5 million, while postretirement benefit income was $5.4 million, based on a weighted average discount rate of 5.71% [226]. Taxation - The provision for income taxes for the year ended December 31, 2025, was $3.1 million, a decrease of $0.2 million from $3.3 million in 2024, reflecting a significant effective tax rate increase from 72.2% in 2024 to 163.2% in 2025 [183][186]. - The effective tax rate for 2025 was 163.2%, significantly higher than 72.2% in 2024 and 28.0% in 2023 [330]. - Cash taxes paid by Metallus for 2025 were $(7.1) million, a decrease from $27.9 million in 2024 and $25.3 million in 2023 [331]. - The total income tax payments (refunds) for 2025 were $(7.1) million, indicating a refund situation compared to positive payments in previous years [331]. Assets and Liabilities - Total assets increased to $1,140.2 million in 2025 from $1,116.7 million in 2024, reflecting a growth of approximately 2.1% [270]. - Total current liabilities rose to $314.9 million in 2025, up from $281.5 million in 2024, indicating an increase of approximately 11.8% [270]. - The defined benefit pension and other postretirement benefit obligation was $610.4 million as of December 31, 2025, exceeding the fair value of plan assets by $121.4 million [248]. - The company has no aggregate debt outstanding as of December 31, 2025, reducing interest rate risk exposure [234]. Market and Operational Risks - The company is closely monitoring trade developments, including tariffs that positively impact demand for domestic products, though the ultimate impact remains uncertain [160]. - Forward-looking statements indicate potential risks including fluctuations in customer demand, changes in operating costs, and competitive factors affecting market conditions [230]. - The company is exposed to risks from global conflicts and commodity price fluctuations, which could impact future operations [236]. - The company is managing commodity price risks through supplier pricing agreements and raw material surcharges [237]. Miscellaneous - The company operates as a single reportable segment, with performance evaluated on a consolidated basis by the Chief Operating Decision Maker [312]. - Metallus has an annual melt capacity of approximately 1.2 million tons and a shipment capacity of approximately 0.9 million tons [277]. - The company recognizes revenue upon shipment or delivery of products, with invoiced amounts generally due within 30 days [218]. - The allowance for doubtful accounts is adjusted based on forward-looking estimates of uncollectible balances, with historical write-offs being immaterial [288].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 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: 1-36313 METALLUS INC. (Exact name of registrant as specified in its charter) Ohio 46-4024951 (State or other jurisdiction of incorporation or org ...

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 ...