Financial Performance - Net loss attributable to common stockholders was $(0.92) per basic and diluted share for Q4 2025, with Nareit defined Funds From Operations (FFO) of $0.07 per diluted share, a 49.1% decrease year-over-year [7]. - Net loss attributable to common stockholders for the full year was $(2.51) per basic and diluted share, with FFO of $0.64 per diluted share, a 116.7% increase year-over-year [7]. - The net loss attributable to common stockholders for Q4 2025 was $25,978 million, an increase from a net loss of $20,437 million in Q4 2024, with a total net loss of $71,067 million for 2025 compared to $203,495 million in 2024 [39]. - The net loss per share attributable to common stockholders was $0.92 for Q4 2025, compared to $0.72 for Q4 2024, with a total net loss per share of $2.51 for 2025 versus $7.19 for 2024 [35]. - The company reported a comprehensive loss attributable to common stockholders of $27,934 million in Q4 2025, compared to $18,098 million in Q4 2024, with a total comprehensive loss of $82,103 million for 2025 versus $210,319 million for 2024 [34]. Revenue and Income - Revenue from tenants decreased to $84,478 million in Q4 2025 from $87,738 million in Q4 2024, and total revenue for 2025 was $342,279 million compared to $353,794 million in 2024, reflecting a decline of approximately 3.5% year-over-year [34]. - The company reported a normalized FFO of $5,849 million for Q4 2025, down from $6,692 million in Q4 2024, while the total normalized FFO for 2025 was $23,795 million compared to $9,048 million in 2024 [39]. - The company’s NOI for Q4 2025 was $31,460 million, a decrease from $32,843 million in Q4 2024, with total NOI for 2025 at $123,381 million compared to $132,342 million in 2024 [37]. Expenses and Costs - Total operating expenses for Q4 2025 were $90,592 million, down from $96,746 million in Q4 2024, while total expenses for 2025 were $366,779 million compared to $486,642 million in 2024, indicating a significant reduction in costs [34]. - Interest expense for Q4 2025 was $15,856 million, down from $17,305 million in Q4 2024, with total interest expense for 2025 at $61,281 million compared to $69,447 million in 2024 [39]. Debt and Financing - As of December 31, 2025, total debt outstanding was approximately $1.0 billion, with a weighted average economic interest rate of 5.75% and an average remaining term of 3.9 years [5]. - The Company entered into a $400 million senior unsecured revolving credit facility and a $150 million senior unsecured term loan, both maturing in December 2028 [6]. - The company’s net debt to annualized adjusted EBITDA ratio improved to 9.2x as of December 31, 2025, from 10.3x as of December 31, 2024 [8]. - Net leverage ratio increased to 9.2x in Q4 2025 from 8.8x in Q3 2025, indicating a rise in debt relative to adjusted EBITDA [43]. Property and Operations - Full year 2025 portfolio Same Store Cash Net Operating Income (NOI) growth was 9.0% year-over-year, with the Senior Housing Operating Property (SHOP) segment experiencing a 21.8% increase [7]. - Fourth quarter portfolio Same Store Cash NOI growth was 9.8% year-over-year, with the OMF segment showing a 1.9% increase [7]. - Full year 2025 dispositions totaled $202.5 million, representing the sale of seven Non-Core SHOPs and 18 Non-Core OMFs [7]. - Total properties as of December 31, 2025, decreased to 168 from 174 as of September 30, 2025, due to dispositions [45]. Segment Performance - OMF segment revenue from tenants decreased to $28.149 million in Q4 2025 from $33.744 million in Q4 2024, reflecting a decline of 16.5% [45]. - SHOP segment revenue from tenants increased to $56.328 million in Q4 2025, up from $53.994 million in Q4 2024, representing a growth of 4.9% [45]. - OMF segment NOI for Q4 2025 was $20.109 million, down from $24.322 million in Q4 2024, a decrease of 17.8% [45]. - SHOP segment NOI improved to $11.351 million in Q4 2025, compared to $8.521 million in Q4 2024, marking a growth of 33.5% [45]. Stock and Dividends - The Company completed the repurchase of previously outstanding preferred stock with an aggregate liquidation preference of approximately $8.6 million at a weighted average yield of 11.5% [9]. - The Company declared dividends of $0.4609375 per share on its 7.375% Series A Preferred Stock and $0.4453125 per share on its 7.125% Series B Preferred Stock, both payable on January 15, 2026 [14].

Company Overview - As of December 31, 2025, the company owned 167 properties across 29 states, including 37 senior housing communities with 3,615 units and 130 outpatient medical facilities totaling approximately 3.7 million square feet of gross leasable area[17]. - The company internalized its advisory and property management functions on September 27, 2024, transitioning to a dedicated workforce[18]. - A reverse stock split was executed on September 30, 2024, consolidating every four shares into one[19]. - The company focuses primarily on senior housing operating properties (SHOPs) for future investments, with no geographic or asset percentage limits[20]. - The SHOP segment includes 37 properties, primarily consisting of 1,895 assisted living units, 838 memory care units, and 882 independent living units[21]. - The outpatient medical facilities segment consists of 130 properties leased to healthcare service providers, enhancing tenant retention due to proximity to hospital systems[22]. Financial Performance - The company incurred bad debt expenses of $0.7 million, $1.5 million, and $1.2 million for the years ended December 31, 2025, 2024, and 2023, respectively, due to tenant defaults[82]. - The company has not paid any cash distributions on its common stock since 2020, and there is no assurance of future cash distributions[81]. - The company has experienced net losses in the past and may continue to do so in the future, impacting its financial condition[81]. - The company incurred impairment charges of $44.9 million during the year ended December 31, 2025, which directly impacted its net loss for GAAP purposes[103]. - The company has experienced net losses in recent years, attributed to property operating costs, impairment charges, and general administrative expenses[108]. - As of December 31, 2025, the company had total outstanding indebtedness of $1.0 billion, which may increase business risks and limit access to capital markets[171]. - 17.8% of the total gross debt bore interest at variable rates as of December 31, 2025, increasing exposure to rising borrowing costs[181]. Regulatory and Compliance Risks - The healthcare industry is highly regulated, and compliance failures by tenants could materially impact the company's business[30]. - The company is subject to various federal and state laws, including the Anti-Kickback Statute and Stark Law, which impose significant penalties for violations, including fines exceeding $100,000 and civil penalties over $25,000 per violation[39][40]. - The Federal False Claims Act (FCA) allows for penalties between $14,308 and $28,619 per claim for false submissions, with the potential for significant financial repercussions for non-compliance[43]. - The Centers for Medicare and Medicaid Services (CMS) has implemented alternative sanction enforcement options, including payment suspensions and civil monetary penalties for non-compliance with Medicare and Medicaid requirements[47]. - The company faces ongoing audits and investigations from federal and state agencies, which could adversely affect tenants' ability to pay rent and impact the company's financial condition[45][49]. - The company is subject to risks related to its high concentration of properties in certain states, which may be adversely affected by economic cycles and natural disasters[74]. - The company is subject to environmental regulations that could increase operational costs and expose it to significant fines[128]. - The company is exposed to significant costs related to environmental remediation and liability under various federal, state, and local laws, which could materially affect financial performance[129]. Market and Competitive Risks - The company faces competition from various entities, including other REITs and private investment funds, which may have greater resources[29]. - The company faces competition from nearby hospitals and outpatient medical facilities, which may lead to pricing pressure and lower occupancy rates[85]. - The company competes with various entities for property acquisitions and attracting creditworthy tenants, which may increase acquisition prices and impact cash flow[117]. - The company may face challenges in acquiring properties on favorable terms, particularly in the senior housing segment, which could impact its investment objectives[77]. Operational Risks - The company may be unable to renew leases or re-lease space as leases expire, which could adversely affect its rental income[72]. - The company is exposed to operational risks due to reliance on independent contractors for facility management, which may lead to increased operational deficits[97]. - Properties are subject to lock-out provisions that may restrict the ability to sell or refinance, impacting financial flexibility[87]. - The company may face challenges in renewing leases or re-leasing space as leases expire, potentially leading to vacancies and reduced cash flow[102]. - Rising operating expenses, including increased insurance premiums and labor costs, could negatively impact cash flow and tenant retention[88]. - Inflation has affected the value of long-term leases, particularly those without indexed escalation provisions, potentially increasing operational costs[89]. - Most leases in the OMF segment contain rent escalation provisions, but these rates have often been below current inflation rates[90]. Healthcare Industry Risks - The company’s tenants and operators rely on various revenue sources, including Medicare and Medicaid reimbursements, which are subject to constant changes in reimbursement methodologies that could negatively impact operations[56][64]. - The One Big Beautiful Bill Act of 2025 (OBBBA) modified Medicaid enrollment requirements, potentially reducing enrollment and reimbursements, which could materially affect tenants' ability to meet financial obligations[59]. - The transition from traditional fee-for-service to value-based payment models by CMS presents unprecedented challenges for healthcare providers, impacting financial risk and operational stability[60]. - The Medicare Access and CHIP Reauthorization Act of 2015 (MACRA) established a new payment framework that may lead to further consolidation in the healthcare industry, affecting the market for certain healthcare providers[61]. - Recent legislation, including the OBBBA, may significantly reduce the number of patients covered by Medicaid, leading to increased instances of uncompensated care and affecting tenants' financial obligations[142]. - The shift in payor mix towards managed care payors may impact revenue streams for tenants, potentially restricting their ability to meet rental obligations[149]. - Compliance with new healthcare regulations and reporting requirements could impose additional costs on tenants, affecting their profitability and ability to pay rent[143]. - Delays in receiving reimbursements from Medicare and Medicaid could materially affect tenants' ability to make rent payments, impacting the company's revenue[145]. - Economic slowdowns or government shutdowns could pressure state budgets, leading to potential reductions in Medicaid spending that adversely affect tenants' operations[148]. - Reductions in Medicare payment rates could adversely affect tenants' ability to make rent payments, with ongoing government initiatives pressuring healthcare costs[151]. - The transition to value-based payment models by CMS may create challenges for providers, impacting their financial responsibilities and ability to pay rent[153]. - Pre- and post-payment reviews by governmental authorities could lead to payment recoupments or delays, adversely affecting tenant profitability and rent payments[154]. Tax and REIT Compliance Risks - The company must distribute at least 90% of its REIT taxable income to maintain its REIT status, which affects its tax obligations[27]. - The company’s qualification as a REIT is crucial for tax purposes, and failure to maintain this status could lead to significant tax liabilities[210]. - Failure to maintain REIT qualification could result in a corporate tax on taxable income at the federal rate, impacting net earnings available for distribution[213]. - The company may incur tax liabilities even as a REIT, which could reduce cash available for distribution to stockholders[214]. - The company is subject to a 4% nondeductible excise tax on any amount by which distributions fall short of certain income thresholds[215]. - Compliance with REIT qualification requirements is complex and may require significant management resources[212]. - Future changes in U.S. federal income tax laws could jeopardize the company's REIT status[212]. - The company may need to borrow funds or liquidate investments to pay applicable taxes if it loses REIT qualification[213]. Cybersecurity and Management Risks - Cybersecurity risks are a concern, with potential significant costs associated with system failures or breaches impacting operations[206]. - The company carries cyber liability insurance, but it may not cover all losses related to cybersecurity incidents[207]. - Conflicts of interest may arise from management's involvement in other business activities, potentially affecting the company's growth strategies[195]. - The company has opted out of certain Maryland laws that could deter hostile takeovers, potentially removing protections against such actions[199]. - The company relies on distributions from its Operating Partnership (OP) and its subsidiaries for cash flow, which may be limited by legal and contractual restrictions[208].

Company Overview - As of December 31, 2025, the company owned 167 properties across 29 states, including 37 senior housing communities with 3,615 units and 130 outpatient medical facilities totaling approximately 3.7 million square feet of gross leasable area[17]. - The company focuses primarily on investments in senior housing operating properties (SHOPs) and aims to diversify its portfolio without geographic or asset percentage limits[20]. - The SHOP segment includes 37 properties, primarily consisting of 1,895 assisted living units, 838 memory care units, and 882 independent living units[21]. - The outpatient medical facilities segment consists of 130 properties leased to healthcare service providers, enhancing tenant retention through proximity to hospital systems[22]. Financial Structure - The company utilizes a combination of debt and equity for funding, with a Revolving Facility providing up to $400 million in variable-rate financing[24]. - The company must distribute at least 90% of its REIT taxable income to maintain its tax status, which commenced in 2013[27]. - As of December 31, 2025, the company had total outstanding indebtedness of $1.0 billion, which may increase business risks and limit access to capital markets[171]. - 17.8% of the total gross debt bore interest at variable rates as of December 31, 2025, increasing exposure to rising borrowing costs[181]. - The company has incurred, and may continue to incur, variable-rate debt, which has been affected by elevated federal funds rates, potentially increasing debt payments[178]. - The company may face challenges in refinancing indebtedness secured by properties if interest rates remain high, which could limit cash flow available for operations and distributions[179]. Regulatory Compliance - The healthcare industry is highly regulated, and compliance with federal, state, and local laws is critical for the company's tenants and operators[30]. - The company is subject to various federal and state laws, including the Anti-Kickback Statute and Stark Law, which impose significant penalties for violations, including fines exceeding $100,000 and civil penalties over $25,000 per violation[39][40]. - The Federal False Claims Act (FCA) allows for penalties between $14,308 and $28,619 per claim for false submissions, with the potential for significant financial repercussions for violations[43]. - The Centers for Medicare and Medicaid Services (CMS) has implemented alternative sanction enforcement options, including payment suspensions and civil monetary penalties for non-compliance with Medicare and Medicaid requirements[47]. - The company is subject to various risks, including economic downturns, regulatory changes, and competition from other real estate investors, which could affect its operations[79]. - The company is subject to environmental regulations that could increase operational costs and expose it to significant fines or penalties[128]. Tenant and Market Risks - The company faces competition from various entities, including other REITs and private investment funds, which may have greater resources and risk tolerance[29]. - The company has experienced net losses in recent years, attributed to property operating costs, impairment charges, and general administrative expenses[108]. - The company incurred bad debt expenses of $0.7 million, $1.5 million, and $1.2 million for the years ended December 31, 2025, 2024, and 2023, respectively, due to tenant defaults[82]. - The company’s real estate investments are concentrated in healthcare-related facilities, making it vulnerable to downturns in the healthcare industry, which could negatively affect lessees' ability to pay rent[136]. - The company may struggle to renew leases or re-lease space as leases expire, potentially leading to vacancies and reduced cash flow[102]. - Financial challenges faced by tenants and operators may result in bankruptcy, adversely affecting income from properties[163]. Operational Challenges - The company has transitioned to an internally-managed REIT, which may expose it to additional operational risks and costs associated with managing its workforce[78]. - The company may not realize anticipated synergies from its internalization strategy within the expected timeframe, which could affect its operational efficiency[78]. - Rising operating expenses, including increased insurance premiums and labor costs, could negatively impact cash flow and tenant retention[88]. - The company is exposed to operational risks due to reliance on independent contractors for facility management, which may lead to increased operational deficits[97]. - The company may face challenges in acquiring properties on favorable terms, particularly in the senior housing segment, which could impact its growth strategy[77]. Environmental and Health Regulations - Environmental regulations impose potential liabilities for cleanup costs and fines, which could exceed property values and impact the company's financial obligations[66]. - The company may incur significant costs related to mold remediation at properties, which could affect overall financial performance[129]. - The transition of Medicare to a value-based payment model poses challenges for providers, shifting financial responsibility and potentially impacting the company's tenants[60]. - Compliance with stringent healthcare regulations and potential penalties for non-compliance could materially impact tenants' financial health and their ability to pay rent[144]. Shareholder and Market Considerations - The company has not paid any cash distributions on its common stock since 2020, and there is no assurance of future cash distributions[81]. - The company’s share repurchase program is suspended, limiting stockholders' ability to sell shares and potentially affecting liquidity[185]. - The trading price of Series A and Series B Preferred Stock may be significantly volatile, influenced by factors such as financial condition, tenant performance, and market conditions[190]. - The company has a restriction on share ownership, limiting any person to own no more than 9.8% of the outstanding shares, which may deter potential acquisitions[193]. Cybersecurity and Technology Risks - Cybersecurity risks are a concern, as system failures or breaches could disrupt operations and incur significant remediation costs[202]. - The company carries cyber liability insurance, but it may not cover all losses related to cybersecurity incidents[207]. - The company faces risks related to unauthorized access and loss of sensitive information, which could adversely affect its operations and reputation[211]. Taxation and REIT Compliance - The company’s qualification as a REIT is crucial for tax purposes, and failure to maintain this status could lead to significant tax liabilities[210]. - Future changes in U.S. federal income tax laws could jeopardize the company's REIT status[212]. - The company may incur tax liabilities even as a REIT, which could reduce cash available for distribution to stockholders[214]. - The company is subject to a 4% nondeductible excise tax on any amount by which distributions fall short of certain income thresholds[215].

Revenue and Currency Impact - For the year ended December 31, 2025, foreign-denominated revenues less cost of revenues were 6.6% in Euros, 3.1% in British Pounds, and 1.4% in Canadian Dollars[483]. - A 10% adverse currency fluctuation would impact revenues less cost of revenues by $16.0 million in Euros, $7.6 million in British Pounds, and $3.3 million in Canadian Dollars[483]. Operating Expenses - Operating expenses for the same period were 8.4% in Euros, 9.6% in British Pounds, and 4.8% in Canadian Dollars[483]. Equity and Investment - The net equity investment as of December 31, 2025, was $222.5 million in Euros, $596.3 million in British Pounds, and $214.7 million in Canadian Dollars[485]. - A 10% adverse currency fluctuation would affect consolidated equity by $22.2 million in Euros, $59.6 million in British Pounds, and $21.5 million in Canadian Dollars[485]. Credit Risk Management - The company is exposed to credit risk from third parties, including customers and counterparties, which may default on obligations due to various reasons[486]. - Cboe Clear Europe holds significant amounts of clearing member collateral to mitigate credit risk, including cash and non-cash deposits[493]. - The company does not have counterparty credit risk for trades matched on its exchanges in the U.S., Canada, and Europe due to central counterparty arrangements[488]. Liquidity and Financial Management - As of December 31, 2025, Cboe Clear Europe held €1.2 billion in a committed syndicated multicurrency revolving and swingline credit facility to finance unsettled amounts and liquidity requirements[494]. - Cash and cash equivalents and financial investments were $2,252.6 million as of December 31, 2025, with $424.4 million held outside the United States[497]. - Cboe Clear Europe monitors liquidity requirements closely to mitigate liquidity risk and maintain access to funds[494]. - Cboe Clear U.S. may not meet payment obligations in a timely manner if there is a delay in payment or default by a clearing member[494]. Market Risk Management - The company has implemented policies to measure, manage, monitor, and report market risks, including foreign currency exchange rate risk, equity risk, credit risk, interest rate risk, and liquidity risk[481]. - Cboe Clear Europe is exposed to market risk if a clearing member defaults and market prices move adversely, necessitating collateral collection[496]. Debt and Interest Rate Exposure - As of December 31, 2025, Cboe Clear U.S. had $1,442.9 million in outstanding debt related to Senior Notes with fixed interest rates[498]. - Interest rate changes will not impact the interest paid on fixed-rate obligations, but the company is exposed to fluctuating rates under its credit facilities[498]. - A default under the Revolving Credit Agreement may limit the company's liquidity and financing activities due to cross-acceleration provisions[499].

Aggregate Reserves and Production - Knife River Corporation has 1.3 billion tons of aggregate reserves, with approximately 35% expected to be used internally by 2025 for downstream products and contracting services [19]. - The total annual aggregate production for 2025 was 27.7 million tons, with a breakdown of 10.6 million tons of crushed stone and 17.1 million tons of sand and gravel [205]. - The total aggregate reserves as of December 31, 2025, include 716,970 thousand tons of crushed stone and 440,362 thousand tons of sand and gravel [208]. - As of December 31, 2025, the company has total proven and probable reserves of 1.20 billion tons located on production stage properties and 104 million tons on developmental stage properties [212]. - Aggregate resources as of December 31, 2025, include 194,494 thousand tons of measured aggregate and 382,246 thousand tons of indicated aggregate [210]. - The estimated useful life of owned reserves is approximately 43 years based on the three-year average production from 2023 to 2025 [214]. - Knife River's aggregate sites contain both proven and probable mineral reserves, which are essential for construction and production of ready-mix concrete and asphalt [193][194][195]. Revenue and Financial Performance - The company operates 208 active aggregate sites, 135 ready-mix plants, and 55 asphalt plants across 14 states, generating total revenue of $3,196.9 million for the year ended December 31, 2025 [27]. - For the year ended December 31, 2025, Knife River sold 32.5 million tons of aggregates, with total revenue from contracting services amounting to $1,383.9 million, representing 36.6% of total gross revenue [45][46]. - The company's revenue composition includes 63% from construction materials and 37% from contracting services, with public-sector services accounting for 81% of total revenue [27]. - Knife River's core product lines generated total gross revenue of $3,777.2 million, with a total gross profit margin of 18.4% for the year ended December 31, 2025 [45]. - The company incurred $4.4 million and $3.1 million in capital expenditures related to environmental compliance in 2025 and 2024, respectively, and expects to incur $8.6 million in 2026, $6.8 million in 2027, and $9.8 million in 2028 [85]. - The company had $1,181.1 million in aggregate principal amount of indebtedness as of December 31, 2025, which could impact cash flow and operations [158]. Business Operations and Strategy - The acquisition of Strata Corporation on March 7, 2025, added approximately 30 years of aggregate reserves and 24 ready-mix plants for a purchase price of $454.0 million [23]. - Knife River's Adjusted EBITDA margin has improved since the implementation of the EDGE strategy in 2023, alongside the completion of 11 acquisitions [32]. - The reorganization of business segments in January 2025 resulted in four reportable segments: West, Mountain, Central, and Energy Services, enhancing operational efficiency [24][25]. - The company emphasizes a disciplined allocation of capital to support long-term profitable growth and value creation in a highly fragmented construction materials industry [34]. - The company is strategically focused on mid-size, higher-growth markets, leveraging its vertically integrated business model to drive long-term growth [29]. - The company operates across 135 owned properties, with 132 active sites, and 78 leased properties, of which 76 are active [214]. Employee and Workforce Management - The company employed 5,298 people as of December 31, 2025, with nearly 6,900 employees at peak construction season [67]. - The average tenure of employees in managerial or supervisory positions is 15 years, indicating strong employee retention [66]. - Approximately 11% of the workforce is covered by collective bargaining agreements, which could lead to additional costs if negotiations are unsuccessful [144]. - The company has a risk management program that includes a dedicated cybersecurity team with over 30 years of combined experience in information technology [190]. Environmental and Regulatory Compliance - The company is subject to comprehensive environmental permit requirements that vary widely by state, with some areas having minimal requirements while others have demanding regulations [84]. - The company is subject to environmental regulations that may increase operational costs and expose it to potential liabilities [130]. - The "I Choose Safety" initiative was launched in 2025 to strengthen the company's safety program, emphasizing that all injuries are preventable [76][78]. - The company faces challenges in securing, permitting, and economically mining strategically located aggregate reserves due to regulatory requirements and community resistance [93]. - The company may incur significant costs related to compliance with cybersecurity regulations, which could divert management's attention and resources [108]. Market and Economic Conditions - Economic volatility can negatively affect demand for construction materials and contracting services, impacting the company's earnings [126]. - Government spending on infrastructure projects is critical for the company's revenue, and any reductions in funding could limit available projects and decrease sales [123]. - Seasonal weather conditions significantly impact the company's operations, with adverse weather potentially delaying construction projects and affecting revenue [117]. - Fluctuations in commodity prices, particularly for labor and energy-related products, have led to elevated costs that could negatively impact the company's financial results [118]. - Supply chain disruptions, including delays and shortages, may adversely affect the company's operations and customer relationships [120]. Risks and Challenges - The company faces significant competition in the construction materials industry, which could lead to lower prices and negatively affect financial condition and results of operations [90]. - The company has a risk of loss from nonpayment and/or nonperformance by customers, particularly in a recessionary construction economy [94]. - The company is exposed to potential liabilities from acquired businesses, including environmental liabilities and compliance issues [100]. - The introduction of artificial intelligence tools may pose security risks to confidential information and proprietary data, potentially harming the company's reputation and operations [111]. - The company faces challenges in protecting its intellectual property, which could lead to a loss of competitive advantage and increased litigation costs [112]. - Severe weather events and climate change could disrupt operations and delay projects, leading to decreased revenue and increased costs [132]. - The company may face increased insurance costs and availability issues due to the impact of severe weather events on the insurance industry [134]. - Stakeholder scrutiny regarding sustainability practices could adversely impact operations and access to capital [136]. - Increased regulatory requirements related to climate change may lead to higher operational costs and disruptions [137]. - Compliance with new climate or GHG emission laws could result in increased costs for energy, production, and transportation [138]. - The economic health of communities may be negatively affected by rising energy costs due to climate-related regulations [139]. - Reputational risks associated with GHG emissions could lead to a decrease in stock price and difficulties in accessing capital [140]. - Changes in tax laws could adversely affect earnings and customer costs, potentially increasing the effective income tax rate [141]. - Competition for skilled labor may lead to increased labor expenses and decreased productivity [142]. - The trading price of Knife River's common stock has been volatile, which may lead to significant price variations [163]. - Knife River's stock price may be influenced by analysts' reports, and any unfavorable research could lead to a decline in stock price [166].

Business Risks - Array's business may be adversely affected by the inability to protect real estate rights related to land leases, potentially impacting financial condition and results of operations [47]. - Advances in technology could reduce the demand for tower-based services, particularly with emerging alternatives like satellites and mesh transmission systems [48]. - Extreme weather events and natural disasters pose risks to Array's towers, which could disrupt service and negatively impact cash flows and financial condition [49]. - Array faces financial risks related to cash flow uncertainty, indebtedness, and the ability to access capital, which could limit financing options [54]. - Legal and regulatory compliance is essential, as failure to meet requirements could lead to penalties and adversely affect business operations [60]. - Conflicts of interest may arise between TDS and Array due to TDS's controlling ownership, potentially impacting decision-making in favor of TDS [65]. - The company may face challenges in acquisitions or divestitures, including costs and integration issues that could adversely affect financial performance [52]. - Array's significant investments in wireless operating entities that it does not control could lead to losses affecting financial condition and cash flows [59]. - Economic uncertainties, including inflation and changes in trade policies, could adversely affect Array's business and financial results [73]. Cybersecurity Risks - Array has experienced regular cyber-attacks, which could adversely affect its business and financial condition [72]. - The company maintains various controls to reduce cybersecurity risks, but may still face significant consequences from future breaches [72]. - Array continues to experience denial of service attacks, despite ongoing enhancements to its protection measures [72]. Financial Market Risks - Disruptions in credit or financial markets could impede Array's access to financing and negatively impact revenues and cash flows [73]. - Array's credit ratings could be affected by TDS's ratings, which may limit financing availability and impact liquidity [57]. Human Resources - Array's ability to attract and retain qualified personnel is critical for sustaining business growth, with competition for talent potentially affecting operations [51].

Exhibit 99.1 news release www.pplnewsroom.com Contacts: For news media: Ryan Hill, 610-774-4033 For financial analysts: Andy Ludwig, 610-774-3389 PPL Corporation reports 2025 earnings results; provides business plan update through 2029, extending EPS growth targets ALLENTOWN, Pa. (Feb. 20, 2026) – PPL Corporation (NYSE: PPL) today announced 2025 reported earnings (GAAP) of $1.18 billion, or $1.59 per share, compared with 2024 reported earnings of $888 million, or $1.20 per share. Adjusting for special items ...

Financial Performance - Fourth quarter net sales reached $263.6 million, a 9.8% increase compared to the prior year quarter[4] - GAAP net earnings for the fourth quarter were $39.2 million, reflecting a 16.8% increase from the prior year quarter[4] - Adjusted EBITDA for the fourth quarter was $67.9 million, up 8.1% year-over-year[4] - Full year net sales totaled $1.037 billion, an increase of 8.8% compared to the previous year[4] - Full year GAAP net earnings were $154.8 million, a 20.5% increase from the prior year[4] - Adjusted net earnings for the full year reached $167.9 million, up 17.4% from the previous year[4] Segment Performance - The Human Nutrition and Health segment generated fourth quarter sales of $166.1 million, a 12.7% increase year-over-year[7] - The Animal Nutrition and Health segment reported quarterly sales of $61.2 million, a 4.9% increase compared to the prior year quarter[8] - The Specialty Products segment achieved fourth quarter sales of $34.8 million, a 6.0% increase year-over-year[8] Cash Flow and Assets - Cash flows from operations for the full year were $216.6 million, with free cash flow of $173.6 million[4] - Cash and cash equivalents increased to $74,570 as of December 31, 2025, compared to $49,515 in 2024, representing a 50.6% growth[18] - Total assets rose to $1,686,252 as of December 31, 2025, a 7.1% increase from $1,575,371 in 2024[18] - Total current assets increased to $365,614 as of December 31, 2025, from $313,770 in 2024, marking a 16.5% rise[18] - Net cash provided by operating activities for Q4 2025 was $67,275 million, up from $52,317 million in Q4 2024, representing a 28.3% increase[29] - Free cash flow for the year ended December 31, 2025, was $173,637 million, compared to $147,210 million in 2024, reflecting an increase of 17.9%[29] Earnings and Taxation - Total earnings before income taxes for the year ended December 31, 2025, reached $199,030, a 19.5% increase from $166,453 in 2024[17] - Net earnings for the year ended December 31, 2025, were $154,845, up 20.5% from $128,475 in 2024[20] - The effective tax rate for GAAP income tax expense for the year ended December 31, 2025, was 22.2%, slightly down from 22.8% in 2024[27] Adjusted Financial Metrics - Adjusted net earnings for the year ended December 31, 2025, were $167,898, reflecting a 17.4% increase from $142,965 in 2024[24] - Adjusted EBITDA for the year ended December 31, 2025, was $274,854, a 9.8% increase from $250,348 in 2024[26] - The company reported a gross margin of $370,633 for the year ended December 31, 2025, compared to $336,206 in 2024, indicating a 10.2% increase[24] Capital Expenditures and Financing - Capital expenditures for Q4 2025 were $(16,053) million, compared to $(12,549) million in Q4 2024, indicating a 28.5% increase in capital spending[29] - The company utilized $152,810 in financing activities during the year ended December 31, 2025, compared to $133,815 in 2024, indicating an increase in cash used for financing[20] Non-GAAP Measures - Amortization expenses for intangible assets and finance leases are excluded from non-GAAP financial measures to facilitate evaluation of current operating performance[29] - Transaction and integration costs related to acquisitions are excluded from adjusted EBITDA calculations to provide clearer financial comparisons[29] - Restructuring costs are also excluded from non-GAAP measures to enhance the comparability of financial results[29] - An asset impairment charge in 2024 was related to the write-off of an equity method investment, which is excluded from adjusted EBITDA calculations[29] - Gains and losses on rabbi trust assets related to the nonqualified deferred compensation plan are excluded from non-GAAP financial measures due to their inconsistency[29] - The impact of ASU 2016-09 resulted in the recognition of excess tax benefits as a reduction to the provision for income taxes, which is excluded from adjusted income tax expense calculations[29] - The company believes that excluding inconsistent items from non-GAAP measures is useful for investors to compare current and historical financial results[29]

TDS Telecom increases its long-term marketable fiber service goal to 2.1 million addresses TDS Telecom and Array provide 2026 guidance CHICAGO (February 20, 2026) — Telephone and Data Systems, Inc. (NYSE:TDS) reported results for the fourth quarter and full year 2025. "2025 was a year of significant transformation for TDS," said Walter Carlson, President and CEO. "We completed the largest transaction in our history with the sale of our wireless business, launched a new tower company now operating as Array, ...

Exhibit 99.1 As previously announced, Array will hold a teleconference on February 20, 2026, at 9:00 a.m. CST. Listen to the call live via the Events & Presentations page of investors.arrayinc.com. Array reports fourth quarter and full year 2025 results Array issues 2026 guidance CHICAGO (February 20, 2026) — Array Digital Infrastructure, Inc. (NYSE:AD) reported fourth quarter and full year 2025 operating results. SM "After a transformative 2025, Array enters 2026 with strong momentum," said Anthony Carlson ...