Financial Performance - Clearway Energy, Inc. reported a full year 2025 Net Loss of $231 million and Adjusted EBITDA of $1,217 million, with Cash from Operating Activities of $688 million and Cash Available for Distribution (CAFD) of $430 million[2][3]. - For the fourth quarter of 2025, Clearway reported a Net Loss of $199 million and Adjusted EBITDA of $237 million, with Cash from Operating Activities of $177 million and CAFD of $35 million[8]. - Total operating revenues for 2025 reached $1,429 million, an increase of 4.2% from $1,371 million in 2024[33]. - Operating income decreased to $160 million in 2025, down 18.4% from $196 million in 2024[33]. - Net loss attributable to Clearway Energy, Inc. was $169 million in 2025, compared to a net income of $88 million in 2024[33]. - The company reported a comprehensive loss of $234 million in 2025, compared to a comprehensive loss of $67 million in 2024[35]. - For the year ended December 31, 2025, the net loss was $231 million, compared to a net loss of $63 million in 2024 and $14 million in 2023[40]. - Adjusted EBITDA for Q4 2025 was $237 million, compared to $228 million in Q4 2024, reflecting a year-over-year increase of 3.9%[48]. - For the twelve months ended December 31, 2025, Adjusted EBITDA reached $1,217 million, up from $1,146 million in 2024, indicating a growth of 6.2%[48]. - Net income for the twelve months ended December 31, 2025, was a loss of $231 million, compared to a loss of $63 million in 2024[46]. Cash Flow and Liquidity - Net cash provided by operating activities for 2025 was $688 million, a decrease from $770 million in 2024 and an increase from $702 million in 2023[40]. - The company reported net cash used in investing activities of $803 million in 2025, compared to $725 million in 2024 and $523 million in 2023[40]. - Total liquidity as of December 31, 2025, was $1,061 million, which was $269 million lower than the same period in 2024, primarily due to growth investments[11]. - The total cash, cash equivalents, and restricted cash at the end of 2025 was $818 million, an increase from $733 million at the end of 2024[40]. - Total cash, cash equivalents, and restricted cash increased by $85 million in 2025[49]. Debt and Capital Expenditures - The company raised $600 million in corporate debt and $50 million in equity since the last earnings call, reaffirming its 2026 financial guidance range of $470 million to $510 million for CAFD[4][25]. - Long-term debt rose to $7,898 million in 2025, an increase of 17% from $6,750 million in 2024[38]. - The company incurred $1,461 million in payments for long-term debt during 2025[49]. - The company made capital expenditures of $319 million in 2025[49]. Assets and Liabilities - Total assets increased to $16,655 million in 2025, up from $14,329 million in 2024, representing a growth of 16.3%[38]. - Total liabilities increased to $10,741 million in 2025, compared to $8,765 million in 2024, marking a rise of 22.5%[38]. - Cash and cash equivalents decreased to $231 million in 2025, down from $332 million in 2024[38]. Operational Highlights - Clearway's late-stage pipeline now includes 11.2 GW in opportunities, with 2 GW of contracts signed to provide power solutions for data centers[4]. - The company signed three long-term power purchase agreements (PPAs) with Google for approximately 1.1 GW of projects located in Missouri, Texas, and West Virginia[16]. - Clearway is targeting commercial operations for the 650 MW Swan Solar project in 2028, with a potential corporate capital commitment of approximately $215 million[17]. - The company entered into an agreement to acquire interests in the 199 MW Spindle and 92 MW Rosamond South II battery energy storage facilities for approximately $90 million[19]. - Clearway's quarterly operating results are impacted by seasonal factors, with most revenues generated from May through September due to higher contracted pricing and renewable resources[23]. Shareholder Returns - Earnings per share attributable to Class A and Class C common stock increased to $1.43 in 2025, up from $0.75 in 2024[33]. - Dividends per Class A and Class C common share were $1.77 in 2025, compared to $1.65 in 2024, reflecting a 7.3% increase[33].

Overview of Financial and Operating Results Segment Results Table 1: Net Income/(Loss) | ($ millions) | Three Months Ended | | | Twelve Months Ended | | | | --- | --- | --- | --- | --- | --- | --- | | Segment | 12/31/25 | 12/31/24 | 12/31/25 | | 12/31/24 | | | Flexible Generation | 10 | 14 | | 40 | | 64 | | Renewables & Storage | (84) | (29) | | (60) | | 31 | | Corporate | (125) | (33) | | (211) | | (158) | | Net Income/(Loss) | $ (199) $ | (48) | $ | (231) $ | | (63) | Clearway Energy, Inc. Reports Full Ye ...

Erie Indemnity Company Exhibit 99.2 Erie Indemnity Company Consolidated Statements of Operations (dollars in thousands, except per share data) | | | | Three months ended December | | | | Twelve months ended | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 31, | | | December 31, | | | | | | 2025 | (Unaudited) | 2024 | | 2025 | | 2024 | | Operating revenue | | | | | | | | | | Management fee revenue - policy issuance and renewal | | | | | | | | | | services | $ | 727,629 | $ | 698,340 | $ | ...

Exhibit 99.1 • Total P&C premium production increased 15% for the quarter to $303 million • Insurance Distribution Segment ◦ Commission Income grew to $37 million, an increase of 13% ◦ Organic revenue growth equaled 8.1% ◦ Net loss to Shareholders of $(1) million for the quarter, an improvement of 76% ◦ Adjusted EBITDA to Shareholders of $7 million for the quarter, up 33% • Specialty P&C Insurance ("Everspan") ◦ Gross and net premiums written of $80 million and $23 million were up 34% and 978%, respectively ...

Financial Performance - Fourth quarter 2025 net income was $8.7 million, or $0.24 per share, on sales of $1.5 billion, while full year net income was $132.8 million, or $3.53 per share, on sales of $6.4 billion[1]. - Fourth quarter sales decreased by 7% year-over-year, and full year sales decreased by 5% compared to 2024[3]. - Adjusted EBITDA for the fourth quarter was $57.2 million, down 56% from the previous year, and for the full year, it was $342.2 million, down 46%[3]. - Income from operations for the year ended December 31, 2025, was $183,329,000, down from $490,038,000 in the previous year[26]. - Net income for the three months ended December 31, 2025, was $8,734,000, compared to $68,900,000 in the previous quarter[26]. - The company reported a net income of $132.84 million for the year ended December 31, 2025, down from $376.35 million in 2024, a decrease of 64.8%[39]. - Net income for Q4 2025 was $8,734,000, a significant decrease from $68,900,000 in Q4 2024, representing a decline of approximately 87.3%[41]. - EBITDA for the year ended December 31, 2025 was $341,254,000, down from $630,800,000 in 2024, indicating a decrease of about 45.9%[41]. Segment Performance - Building Materials Distribution (BMD) sales decreased by $75.7 million, or 5%, in Q4 2025, driven by a 4% decrease in sales prices and a 1% decrease in sales volumes[5]. - Wood Products sales decreased by $65.7 million, or 16%, in Q4 2025, with a segment loss of $13.8 million compared to a profit of $33.6 million in Q4 2024[7]. - Segment sales for the Wood Products segment decreased to $353.96 million in Q4 2025 from $419.67 million in Q4 2024, representing a decline of 15.6%[29]. - Segment income for the Wood Products segment reported a loss of $13.79 million in Q4 2025 compared to a profit of $33.58 million in Q4 2024[31]. - Total segment income for the company decreased to $27.69 million in Q4 2025 from $104.28 million in Q4 2024, a decline of 73.5%[31]. - Segment EBITDA for Building Materials Distribution in Q4 2025 was $56,449,000, down from $84,459,000 in Q4 2024, a decrease of about 33.1%[42]. - Wood Products segment reported a loss of $13,794,000 in Q4 2025, compared to a profit of $33,583,000 in Q4 2024, marking a significant shift in performance[42]. Cash and Liquidity - The company ended Q4 2025 with $477.2 million in cash and cash equivalents and $395.1 million in undrawn committed bank line availability, totaling $872.3 million in liquidity[10]. - Cash provided by operations decreased to $254.15 million in 2025 from $438.32 million in 2024, a decrease of 42.0%[39]. - The company's cash and cash equivalents decreased to $477.22 million as of December 31, 2025, from $713.26 million in 2024, a decline of 33.1%[34]. Capital Expenditures and Debt - Capital expenditures for 2025 totaled $274.8 million, with expectations for 2026 capital expenditures to be between $150 million and $170 million[11]. - Long-term debt remained relatively stable at $445.41 million as of December 31, 2025, compared to $446.17 million in 2024[36]. - The company incurred total expenditures for property and equipment of $241.43 million in 2025, compared to $229.57 million in 2024, an increase of 5.2%[39]. Dividends and Share Repurchases - The board declared a quarterly dividend of $0.22 per share, payable on March 18, 2026[12]. - The company declared dividends of $0.22 per common share for the three months ended December 31, 2025, compared to $0.21 in the previous quarter[26]. - The company repurchased 2,101,392 shares of common stock for $181.4 million in 2025, with an additional $39 million spent on share repurchases in early 2026[13]. Market Conditions - Total U.S. housing starts decreased by 4% in Q4 2025 and 1% for the full year, with single-family housing starts down 7% in both periods[4]. - The company highlighted the importance of successfully executing organic growth and acquisition strategies as part of its long-term growth strategy[24]. Costs and Expenses - Costs and expenses for the year ended December 31, 2025, totaled $6,221,266,000, slightly down from $6,234,256,000 in the previous year[26]. - Interest expense for the year ended December 31, 2025, was $21,846,000, down from $24,067,000 in the previous year[26]. - Interest expense for the year ended December 31, 2025 was $21,846,000, a decrease from $24,067,000 in 2024, representing a reduction of about 9.1%[41]. - Depreciation and amortization for the year ended December 31, 2025 was $158,221,000, compared to $144,113,000 in 2024, an increase of approximately 9.8%[41]. - The change in fair value of interest rate swaps for the year ended December 31, 2025 was $925,000, down from $2,038,000 in 2024, indicating a decrease of about 54.5%[41]. - Unallocated corporate costs for Q4 2025 were $(11,737,000), slightly higher than $(11,565,000) in Q4 2024, reflecting an increase of about 1.5%[42].

Financial Position - The company's long-term debt, including the current portion, totaled $2,789.2 million as of December 28, 2025[271]. - The company had no outstanding borrowings under its Class A-1 Notes or other lines of credit as of December 28, 2025[271]. - Total assets decreased from $5,034,843 thousand in 2024 to $4,956,561 thousand in 2025, a decline of approximately 1.5%[292]. - Long-term debt increased from $2,662,130 thousand in 2024 to $2,730,502 thousand in 2025, an increase of about 2.6%[292]. - Total stockholders' equity decreased significantly from $259,352 thousand in 2024 to $117,383 thousand in 2025, a decline of about 54.7%[292]. - Total cash, cash equivalents, and restricted cash at the end of the period was $357,672,000, down from $503,608,000 at the end of 2024[302]. - The company had no customers accounting for 10% or more of consolidated revenues in 2025, mitigating concentration risk[361]. Revenue and Income - Revenues for 2025 totaled $2,176,891 thousand, a decrease of 3.1% compared to $2,246,492 thousand in 2024[294]. - Net income for 2025 was $165,075 thousand, down from $194,357 thousand in 2024, representing a decrease of about 15%[294]. - The company reported a basic net income per share of $0.85 for 2025, down from $0.95 in 2024, a decrease of approximately 10.5%[294]. - Comprehensive income for 2025 was $175,860 thousand, compared to $177,979 thousand in 2024, a decrease of approximately 1.2%[297]. - Franchise royalty revenue for 2025 was $504,547, compared to $528,388 in 2024, representing a decline of approximately 4.5%[383]. Expenses and Costs - Operating profit decreased from $371,359 thousand in 2024 to $343,452 thousand in 2025, a decline of approximately 7.5%[294]. - Cash and cash equivalents decreased from $450,512 thousand in 2024 to $300,833 thousand in 2025, a reduction of about 33.3%[292]. - The total lease cost for 2025 was $218,180, an increase from $213,707 in 2024, reflecting a rise of approximately 2.2%[392]. - The accumulated depreciation and amortization expense related to properties for 2025 was $80,061, compared to $75,575 in 2024, indicating an increase of about 5.3%[388]. - The company recognized an impairment of long-lived assets amounting to $12,095,000 in 2025, compared to $9,713,000 in 2024[302]. Cash Flow and Investments - Net cash provided by operating activities was $344,543,000 in 2025, slightly down from $355,307,000 in 2024[302]. - The company reported a net cash used in investing activities of $150,832,000 in 2025, up from $129,305,000 in 2024[302]. - Proceeds from long-term debt amounted to $475,500,000 in 2025, with repayments of long-term debt at $453,993,000[302]. - The company recognized sublease income of $172,742 in 2025, contributing to its overall rental income[401]. Taxation - The total income tax provision for 2025 was $(62,171), compared to $(78,056) in 2024 and $(74,978) in 2023[451]. - The company has net operating loss carryforwards of $901,094, with expiration dates ranging from 2026 to indefinite[453]. - Unrecognized tax benefits as of December 28, 2025, totaled $19,048 thousand, with a potential reduction in income tax expense of $15,048 thousand if resolved favorably[459]. Risk Management - The company is exposed to interest rate increases under certain debt agreements but had no outstanding derivative instruments as of December 28, 2025[270]. - The company employs established policies to manage exposure to interest rate changes, commodity prices, and foreign currency fluctuations[269]. - The company is focused on managing risks associated with digital commerce strategies and cybersecurity incidents[1]. - The company is subject to risks related to labor costs, supply chain interruptions, and compliance with legal and regulatory requirements[1]. Accounting Policies - The company accounts for restaurant acquisitions using the acquisition method, with goodwill recognized as the excess of purchase price over fair values of acquired assets[339]. - The company evaluates long-lived assets for impairment based on future undiscounted net cash flows expected to be generated[325]. - The company uses the right-of-use model for leases, recognizing lease liabilities and ROU assets at lease commencement[353]. - Deferred tax assets are recognized to the extent they are expected to be realized, considering future taxable income and other evidence[337].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 (Mark One) 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 1-13006 PARK NATIONAL CORPORATION (Exact name of registrant as specified in its charter) Ohio 31-1179518 (State ...

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 Commission file number 000-3683 TRUSTMARK CORPORATION (Exact name of Registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) MISSISSIPPI 64-0471500 (IRS Emplo ...

Financial Performance - ProAssurance reported net income of $33.4 million, or $0.64 per diluted share, for Q4 2025, and net income of $50.9 million, or $0.99 per diluted share, for the full year 2025[1]. - The return on equity for 2025 was 4.0%, with a Non-GAAP operating return on equity of 6.6%[10]. - Net income for Q4 2025 was $33.369 million, up from $16.169 million in Q4 2024, representing a 106.8% increase[19]. - Non-GAAP operating income for Q4 2025 was $42.389 million, compared to $19.744 million in Q4 2024, reflecting a 114.3% increase[19]. - The net loss ratio for the year ended December 31, 2025 was 71.2%, a decrease of 0.8 percentage points from 2024[25]. - The combined ratio for the year ended December 31, 2025 improved to 106.6%, down 2.4 percentage points from 2024[25]. - The operating ratio for Q4 2025 improved to 75.0%, down 2.0 percentage points from 94.0% in Q4 2024[23]. - Non-GAAP operating ROE for Q4 2025 was 12.8%, up from 6.5% in Q4 2024, while the annualized ROE for 2025 was 4.0%, compared to 4.6% in 2024[28]. Premiums and Revenue - Consolidated net premiums written were $916.9 million for 2025, with $673.6 million from Medical Professional Liability, representing over 95% of the Specialty P&C segment[5]. - Specialty P&C renewal premium increases of 8% for 2025 contribute to a cumulative premium change of over 80% since 2018 in the medical professional liability market[5]. - Specialty P&C segment gross premiums written decreased by 3.6% to $155,815,000 for Q4 2025 compared to Q4 2024[11]. - Net premiums earned in the Specialty P&C segment fell by 2.7% to $180,846,000 for Q4 2025, with total revenues declining by 3.8% to $180,263,000[11]. - Workers' Compensation segment net premiums written increased by 4.5% to $30,887,000 in Q4 2025, while total revenues decreased by 5.1% to $41,132,000[13]. Investment Performance - Consolidated net investment income increased by 8.3% for the year, reflecting higher average book yields[5]. - Corporate segment net investment income increased by 9.0% to $39,126,000 in Q4 2025, contributing to a segment result of $7,027,000, a decrease of 75.9% from Q4 2024[17]. - The company recognized net investment gains of $4.861 million in Q4 2025, up from $3.243 million in Q4 2024[19]. Underwriting Performance - The consolidated Non-GAAP combined ratio improved by 4.8 points to 104.2% for 2025, with a 90.3% Non-GAAP combined ratio in Q4 2025[5]. - The Specialty P&C segment reported a significant improvement in segment results, achieving $32,356,000 in Q4 2025, a 597.2% increase from a loss of $6,508,000 in Q4 2024[11]. - The Workers' Compensation segment reported a net loss ratio of 78.8% for Q4 2025, up from 75.7% in Q4 2024, indicating a deterioration in underwriting performance[14]. - The Segregated Portfolio Cell Reinsurance segment achieved a net loss ratio of 32.0% for Q4 2025, significantly improved from 48.4% in Q4 2024[16]. - Non-core operations reported an underwriting loss of $3.4 million for Q4 2025, compared to a loss of $6.3 million in Q4 2024[22]. Transaction and Regulatory Updates - The company anticipates closing the transaction with The Doctors Company by June 30, 2026, pending regulatory approvals[3]. - The Federal Trade Commission granted early termination of the waiting period for the transaction under the Hart-Scott-Rodino Antitrust Improvements Act[4]. - The company has outlined potential risks related to its proposed transactions, including stock price fluctuations and regulatory approvals, which could impact future performance[32]. - Management anticipates that the completion of proposed transactions may involve unexpected costs and could affect business operations during the transition period[33]. - ProAssurance emphasizes the importance of retaining key personnel and maintaining business relationships during the proposed transaction process[33]. - The company is committed to updating stakeholders on forward-looking statements and potential risks as they evolve[33]. Book Value - Book value per share rose to $26.24 at December 31, 2025, up from $23.49 at year-end 2024[9]. - Non-GAAP adjusted book value per share increased to $27.82 at December 31, 2025, from $26.86 at December 31, 2024, reflecting a net income contribution of $0.99 per share[29]. - The book value per share at December 31, 2025, was $26.24, after accounting for an accumulated other comprehensive income (AOCI) adjustment of $(1.58) per share[29]. Company Strategy and Outlook - ProAssurance Corporation is rated "A" (Excellent) by AM Best, indicating strong financial stability and performance in the specialty insurance sector[30]. - The company is focused on expanding its market presence in medical professional liability and workers' compensation insurance in the eastern U.S.[30]. - ProAssurance is actively engaged in developing cutting-edge risk management and practice enhancement programs to support its clients[31].

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 AND EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES ACT OF 1934 FOR THE TRANSITION PERIOD FROM ______ TO ______ Commission file number 001-14775 DMC Global Inc. (Exact name of Registrant as Specified in its Charter) (State of Incorporation or Organization) (I.R.S. Employer Identific ...