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]

Operations and Business Segments - RGA operates as a leading global provider of traditional life and health reinsurance, with operations across multiple regions including the U.S., Latin America, Europe, and Asia[19]. - The company segments its operations into geographic-based and business-based categories, focusing on traditional reinsurance and financial solutions[19]. - RGA's traditional reinsurance includes individual and group life, health, disability, long-term care, and critical illness reinsurance, which are written on facultative or automatic treaty bases[20][21]. - The company engages in asset-intensive reinsurance, which allows clients to manage investment risks and pursue growth opportunities, with products including fixed deferred annuities and indexed products[27][28]. - RGA's longevity reinsurance products address the increasing demand from companies to mitigate longevity risk associated with pension plans and annuities[29][30]. - The company participates in the U.S. Pension Risk Transfer market, providing solutions that help pension plan sponsors diversify and protect benefits for participants[33]. - RGA's capital solutions include financial reinsurance and fee-based transactions that enhance the financial strength and regulatory surplus position of ceding companies[34]. Financial Performance and Cash Flow - The company relies on capital raising efforts, interest income, and dividends from subsidiaries as its primary cash flow sources[35]. - RGA's subsidiaries maintain capital levels in excess of the minimum requirements set by Risk-Based Capital guidelines[52]. - The Company adopted principles-based reserving in 2020, which may differ from direct policy terms[49]. - The amount of ceded reserve credits is expected to grow, but reserve growth has slowed due to the implementation of principles-based reserves in the U.S.[47]. - The Company’s five largest clients generated approximately $3.9 billion, accounting for 21% of the Company's gross premiums and other revenues in 2025[100]. - 36 other clients each contributed annual gross premiums and other revenues of $100 million or more, representing approximately 46% of the Company's total gross premiums and other revenues[100]. Regulatory Environment - RGA's subsidiaries are subject to various regulatory requirements, including minimum capital standards and restrictions on dividends and investments[36][40]. - The Dodd-Frank Act has increased federal scrutiny over insurance and reinsurance regulations, particularly for U.S. insurers operating internationally[64]. - The Bermuda Monetary Authority (BMA) applies extensive regulation and supervision to Class E insurers, including rules on corporate governance and financial conduct[74]. - The International Association of Insurance Supervisors found that the U.S. aggregation method would produce comparable outcomes to the Insurance Capital Standard, potentially eliminating the need for RGA to calculate the latter in the future[54]. - The Company may need to alter the type and volume of business it reinsures or raise additional capital to support higher regulatory reserves[48]. Risk Management and Challenges - The company’s operations and financial condition may be adversely affected by epidemics and pandemics, impacting mortality and morbidity risk, which could lead to significant negative effects on financial markets and business operations[168]. - A downgrade in the ratings of the company or its insurance subsidiaries could adversely affect their ability to compete and sell products, potentially leading to termination of reinsurance contracts[179]. - The company is exposed to foreign currency risk, with a significant portion of revenues and fixed maturity securities denominated in currencies other than the U.S. dollar, which may not be effectively mitigated[191]. - Changes in equity markets, interest rates, and volatility can materially affect the profitability of variable annuities with guaranteed living benefits, impacting reserves and earnings[186]. - Increased economic uncertainty and unemployment may lead to higher policyholder lapse and surrender rates, adversely impacting business and financial condition[205]. - Inflationary conditions could increase premiums and claims costs, while also affecting the value of fixed income investments, potentially harming profitability[206]. Underwriting and Pricing Practices - The Company is facing increased scrutiny regarding underwriting practices and the use of artificial intelligence due to concerns over unfair discrimination[70]. - Regulatory scrutiny is increasing regarding underwriting and pricing practices, which may require changes to models and practices, impacting long-term financial performance[203]. - The Company has established a high-level oversight of pricing activities, including peer reviews and centralized procedures for auditing[96]. Employee and Compensation Practices - The Company employs around 4,300 employees as of December 31, 2025, focusing on innovative solutions and long-term returns for investors[102]. - The Company’s compensation programs balance external market competitiveness and internal equity, targeting competitive levels in the markets where it competes for talent[112]. - The annual pay equity study showed that women earned 98.1% of what men earned for comparable jobs in base salary, indicating a slight decrease from the previous year[114]. Acquisitions and Integration - The company has made acquisitions, including a reinsurance transaction with subsidiaries of Equitable Holdings, Inc., which closed on July 31, 2025, but these transactions involve risks that could affect profitability[172]. - The success of acquisitions depends on the ability to evaluate risks accurately and manage capital needs, with potential operational challenges arising from integrating acquired businesses[173]. Cybersecurity and Data Privacy - Privacy and cybersecurity regulations are becoming more stringent, with the NAIC's Insurance Data Security Model Law adopted by twenty-eight jurisdictions[85]. - The Company expects further adoption of privacy and cybersecurity laws similar to the GDPR globally, impacting data handling practices[86]. - The company is exposed to risks from third-party service providers, including cybersecurity threats that could harm operations and financial performance[197]. - Failures in information security systems could result in significant operational interruptions and financial liabilities, impacting business continuity[215].

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 ...

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 | ...