Business Model and Revenue Structure - REMAX operates a 100% franchised model, generating approximately 93% of total revenue from the U.S. and Canada, with 91% of Real Estate segment revenue derived from franchising operations in these regions [20][26]. - The company maintains a low fixed-cost structure, generating revenue primarily from recurring fee-based sources, which produces strong margins and cash flow [20]. - The recurring revenue streams accounted for 65.5%, 67.4%, and 66.7% of total revenue for the years ended December 31, 2025, 2024, and 2023, respectively, excluding Marketing Funds [49]. - Broker fees represented 24.5%, 22.7%, and 21.1% of total revenue for the years ended December 31, 2025, 2024, and 2023, respectively, excluding Marketing Funds [49]. - The company has a low fixed-cost structure, generating revenue primarily from recurring fees paid by franchisees, which supports strong margins and consistent cash flow [45]. - The company launched the AscendSM and AppreciateSM programs to provide flexible economic models for agents, including a 45% reduction in fixed fees under the Ascend program [185]. Market Presence and Competition - The REMAX brand has the highest level of unaided brand awareness in residential real estate in the U.S. and Canada, as confirmed by a consumer study conducted by MMR Strategy Group [23]. - The residential real estate market in the U.S. is valued at approximately $2.0 trillion, while Canada’s market is valued at around $0.3 trillion based on 2025 sales volume data [26]. - Competition for highly productive agents remains intense, with new entrants employing alternative business models and technology-enabled platforms [29]. - The company faces intense competition from other franchisors and brokerages, which may hinder its ability to grow its agent count and expand its network of franchises [115]. - The company is exploring large-scale opportunities to enhance its value proposition through additional business models and market segments [46]. Financial Performance - Total revenue for 2025 was $291.6 million, a decrease of 5.2% from the prior year [191]. - Revenue excluding Marketing Funds decreased 4.3% to $218.8 million, driven by negative organic growth of 3.9% and adverse foreign currency movements of 0.4% [191]. - Net income attributable to RE/MAX Holdings, Inc. increased to $8.2 million from $7.1 million in the prior year [191]. - Adjusted EBITDA decreased 4.1% to $93.7 million, with an Adjusted EBITDA margin of 32.1%, up 30 basis points from the prior year [191]. - Continuing franchise fees decreased by 7.5% to $112.9 million, primarily due to a reduction in U.S. agent count [201]. - Broker fees increased by 3.6% to $53.7 million, attributed to higher average home sales prices and new incentives [203]. Employee and Operational Insights - As of December 31, 2025, the company had 519 full-time employees, a decrease of 3% from 2024, with employee functions distributed across technology (28%), sales and franchise development (28%), marketing (18%), and shared services (26%) [66]. - Approximately 70% of employees reported favorable satisfaction in the most recent survey conducted in the last half of 2025 [67]. Risks and Challenges - The mortgage brokerage industry is adversely impacted by high interest rates, which reduce refinancing activity and purchase-money mortgage originations [30]. - The company faces risks from potential conflicts with franchisees regarding fees and policies, which could lead to non-renewal of franchise agreements [80]. - The mortgage segment operates in a highly regulated environment, and failure to comply with regulations could adversely affect business operations [96]. - The company is exposed to litigation risks that could harm its financial condition, including class-action lawsuits and franchisee-related claims [89]. - Cyberattacks and data breaches pose significant risks to the company's operations and reputation, with potential for substantial losses [153]. Brand and Marketing Initiatives - The company launched Marketing as a Service (MaaS) in 2025, an AI-enabled platform designed to enhance marketing efficiency for affiliates [46]. - The company plans to launch MaaS in international markets outside of the U.S. and Canada in 2026, targeting areas with sufficient customer demand [46]. - The REMAX network has donated over $218 million to Children's Miracle Network Hospitals since 1992, supporting sick and injured children [70]. Economic and Market Conditions - The residential real estate and mortgage markets have been negatively impacted by rising interest rates, which more than doubled in 2022, leading to a reduction in existing home sales [120]. - The availability of financing for homebuyers is significantly impacted by macroeconomic conditions and government regulations, which could adversely affect financial performance [147]. - Changes in government support for home financing could reduce the availability of financing for homebuyers, impacting the residential real estate market [149].

Financial Performance - Total revenues for the year ended December 31, 2025, increased to $149.5 million, up 20.1% from $124.5 million in 2024[18] - Income properties revenue reached $132.2 million in 2025, a 19.5% increase from $110.6 million in 2024[18] - Management fee income rose to $4.8 million in 2025, a slight increase from $4.6 million in 2024[18] - The company’s total assets increased to $1.26 billion as of December 31, 2025, compared to $1.18 billion in 2024[18] Property Acquisitions and Sales - The company acquired two shopping centers for a total acquisition cost of $145.1 million during 2025[26] - Four income properties were sold for an aggregate sales price of $85.1 million, resulting in gains of $21.0 million[27] - As of December 31, 2025, the Company owned 21 income properties with a total area of 5,500,898 square feet[31] Portfolio and Lease Information - The current portfolio of 17 shopping centers generates $102.4 million in annualized straight-line base lease payments[28] - The weighted average remaining lease term for the current portfolio of shopping centers is 5.0 years[28] - The weighted average economic occupancy rate for shopping centers was 92% in 2025, up from 90% in 2024[31] Environmental and Regulatory Risks - The company is subject to various environmental laws and regulations that may impose significant liabilities for contamination and cleanup costs[60] - Compliance with the Americans with Disabilities Act (ADA) may require modifications to properties, potentially incurring costs for the company[58] - Future environmental legislation may impose additional obligations or restrictions on the company's properties[66] - The company may need to undertake costly remediation programs for mold or other airborne contaminants at its properties[63] - The company is exposed to potential liabilities under environmental laws, which may arise without regard to management's knowledge of the issues[162] Economic and Market Risks - The company's revenue is significantly dependent on the successful operation of its tenants, with potential adverse effects on financial condition if tenants fail to perform[75] - A substantial portion of revenue is concentrated in specific industries and geographic locations, making the company vulnerable to downturns in those areas[75] - The company faces risks related to the retail environment, including economic weakness, consumer spending levels, and competition from discount and internet retailers, which could negatively impact market rents[88] - The company may experience declines in rental income and occupancy levels due to adverse economic conditions, high unemployment, and increased competition from e-commerce[89] - Economic downturns, similar to the 2007-2009 financial crisis, could negatively impact results and cash flows[96] Financing and Capital Risks - The company may face challenges in obtaining favorable debt or equity capital, which could affect liquidity and operational capabilities[75] - The company's level of indebtedness may limit its ability to meet debt service obligations and fund operations, potentially leading to asset sales[145] - Compliance with financial covenants in the Credit Facility is crucial; failure to comply could result in defaults and limit cash flow for operations[155] - The company may face challenges in obtaining favorable debt or equity financing, impacting liquidity and operational flexibility[142] Competition and Market Position - The company competes with various organizations, including banks, private equity investors, and REITs, for income-producing real estate assets and mortgage financings[56] - The competitive landscape includes REITs and other investors with greater financial resources, potentially limiting acquisition opportunities for the company[92] - The company competes based on price, location, potential tenant improvements, and lease terms in the local market[55] Management and Operational Risks - The company has a management agreement with PINE, generating a base management fee of 1.5% of PINE's total equity[36] - Conflicts of interest may arise due to overlapping management roles between the company and PINE, potentially affecting decision-making[109] - The effectiveness of internal controls over financial reporting is critical; failure to maintain these controls could harm business operations and investor confidence[208] Tax and REIT Compliance Risks - The company must maintain its qualification as a REIT, requiring it to distribute at least 90% of its taxable income to avoid U.S. federal corporate income tax[176] - Failure to qualify as a REIT could substantially reduce funds available for distributions to stockholders and impair the company's ability to expand its business[171] - The company is restricted from providing certain services to tenants unless conducted through a TRS, which may disadvantage it compared to competitors[180] - A 100% tax applies to net income from prohibited transactions, which may limit the company's ability to dispose of properties[181] Insurance and Liability Risks - The company is at risk of not being able to obtain appropriate insurance coverage for environmental and disaster-related events, which could materially affect its financial performance[164] - Property insurance costs have significantly increased in recent years, adversely affecting the Company's ability to operate and dispose of income properties[198] - Uninsured losses may adversely affect the Company's financial condition and results of operations, potentially leading to a loss of invested capital and anticipated revenues[197] Miscellaneous Risks - The company is highly dependent on information systems and third-party technology service providers, with potential disruptions negatively impacting operations and stock prices[199] - Material estimates related to loan loss reserves and asset valuations could lead to significant changes in the Company's financial condition and results of operations[200] - Changes in accounting rules may materially affect the Company's financial reporting and could require restating prior financial statements[201] - The U.S. government's regulatory actions may have unforeseen adverse effects on the financial industry, impacting the Company's business[202]

Portfolio and Operations - As of December 31, 2025, GLPI's portfolio consisted of interests in 69 gaming and related facilities, with properties 100% occupied across 20 states[21] - Approximately 97% of cash rent comes from five major tenants: PENN, Caesars, Boyd, Cordish, and Bally's, all of which are established gaming providers[23] - The company operates under a long-term triple-net lease structure, ensuring tenants are responsible for maintenance, insurance, and taxes[24] - GLPI's geographic diversification is expected to expand to 22 states, limiting the impact of regional market declines on overall performance[22] - The company has a flexible UPREIT structure that allows for efficient property acquisitions, potentially deferring tax consequences for sellers[27] - The company targets accretive acquisitions funded with a mix of debt and equity while maintaining a conservative balance sheet[28] - The company’s properties were 100% occupied as of December 31, 2025, covering over 5,600 acres and leasing approximately 1,000 acres across 20 states[59] Financial Performance and Leases - The company completed transactions totaling $3.7 billion since January 1, 2024, contributing to future growth opportunities[26] - The Bally's Chicago site lease includes an initial annual rent of $20 million, with a development agreement entered in July 2025[38] - The Amended PENN Master Lease has a coverage ratio of 1.86 as of September 30, 2025, with a minimum escalator coverage governor of 1.8[50] - The Amended Pinnacle Master Lease has a coverage ratio of 1.69 as of September 30, 2025, with a maximum yearly base rent escalator of 2%[51] - The Bally's Master Lease II has a coverage ratio of 2.60 as of September 30, 2025, with a corporate guarantee and cross-collateralization[52] - The Boyd Master Lease has a coverage ratio of 2.45 as of September 30, 2025, with a maximum yearly base rent escalator of 2%[53] - The Company has implemented a fixed rent component that escalates annually by up to 2% if specified rent coverage thresholds are met[49] - The percentage rent component is recalculated every five years based on 4% of average annual net revenues exceeding a defined baseline[49] - Percentage rent revenues accounted for 4.8%, 5.0%, and 5.2% of the company's total cash rental income for the years ended December 31, 2025, 2024, and 2023, respectively[63] Risk Factors - The company competes with other REITs and investment firms, facing challenges due to competitors having greater financial resources and lower costs of capital[62] - The gaming industry faces intense competition from various sectors, including traditional casinos, internet gaming, and sports betting, which could adversely impact the company's tenants and operations[64] - The company is subject to various taxes, including payroll and state income taxes, which could impact overall profitability[75] - The company faces risks associated with the gaming industry, including economic conditions and changes in consumer trends, which could adversely affect its financial position[171] - The company is exposed to risks related to environmental contamination at development sites, which could lead to significant costs and project delays[182] - The company’s financial position could be materially weakened if any of its tenants declare bankruptcy or become insolvent, affecting rental income[168] REIT Compliance and Taxation - The company is organized to qualify as a REIT, which allows it to avoid double taxation on distributed income, provided it meets specific operational and distribution requirements[72][73] - The company must distribute at least 85% of its ordinary income and 95% of its capital gain net income annually to maintain its REIT status, or face a 4% excise tax on any shortfall[74] - The company must derive at least 75% of its gross income from "rents from real property" and at least 95% from qualifying income to satisfy REIT gross income tests[86] - The company must not own more than 5% of any one issuer's securities and not more than 10% of any one issuer's outstanding securities[95][96] - The company is required to distribute at least 90% of its REIT taxable income to avoid corporate tax on retained earnings[104] - Failure to distribute required amounts may result in a non-deductible 4% excise tax on the excess[106] - The company expects its REIT taxable income to be less than cash flow due to depreciation and non-cash charges, allowing sufficient cash to meet distribution requirements[107] - If the company fails to qualify as a REIT, it would be subject to tax at regular corporate rates, and distributions would be taxable as regular corporate dividends[113] Management and Governance - The company’s Chief Financial Officer, Desiree A. Burke, has extensive experience in financial reporting and control, having served in various roles since 2005[69] - The company’s Chief Development Officer, Steven L. Ladany, leads ongoing merger, acquisition, and development efforts, indicating a strategic focus on growth through expansion[70] - The company has established a Tenant Partnership Program to foster relationships and sustainability goals with tenants[161] - The company is committed to integrating environmental, social, and governance (ESG) practices into its business strategies[145] Environmental and Social Responsibility - The company engages in environmental assessments for real estate acquisitions to mitigate potential environmental liabilities[150] - The company maintains a comprehensive insurance program covering various liabilities, including business interruption and environmental liabilities[139] - The company is evaluating climate-related risks and opportunities to enhance its environmental strategies[149] - The company raised over $150,000 for the Reading Hospital Foundation's Street Medicine program, which provides healthcare services to the homeless[162] - The company completed its Annual Day of Service in 2025, supporting the Berks County branch of Helping Harvest[162]

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 001-31978 Assurant, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation) (I.R.S. Employer Iden ...

Table of Contents 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 25, 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 001-38070 Floor & Decor Holdings, Inc. (Exact name of registrant as specified in its charter) Delaware 27-3730271 (State ...

Financial Performance - Total revenues for the year ended December 31, 2025, were $2,541 million, a decrease of 2.2% compared to $2,599 million in 2024[14]. - Net loss attributable to stockholders for the year ended December 31, 2025, was $283 million, compared to a net income of $212 million in 2024[16]. - Adjusted EBITDA for the year ended December 31, 2025, was $609 million, down from $652 million in 2024, reflecting a decrease of 6.6%[19]. - Hotel Adjusted EBITDA for the year ended December 31, 2025, was $644 million, compared to $683 million in 2024, indicating a decline of 5.7%[23]. - Total assets decreased to $7,700 million as of December 31, 2025, from $9,161 million in 2024, a reduction of 16.0%[13]. - Total liabilities decreased to $4,624 million as of December 31, 2025, from $5,567 million in 2024, a decline of 16.9%[13]. - The company reported a total debt of $3,838 million as of December 31, 2025, which is relatively stable compared to $3,841 million in 2024[13]. - Net debt as of December 31, 2025, was $3,721 million, an increase from $3,582 million in 2024[34]. - The net debt to full-year current adjusted EBITDA ratio increased to 6.15x in 2025 from 5.61x in 2024[34]. - Interest expense for 2025 was $209 million, indicating a significant cost of debt[77]. - The company incurred impairment and casualty losses of $319 million in 2025, impacting overall profitability[77]. Revenue and Occupancy Trends - Total revenues for the three months ended December 31, 2025, were $629 million, a 0.7% increase from $625 million in 2024[24]. - Comparable hotel revenues increased by 2.2% to $605 million for the three months ended December 31, 2025, compared to $593 million in 2024[24]. - Current RevPAR for 2025 was $189.92, a decrease from $193.35 in 2024, reflecting a decline of 2.2%[75]. - Current occupancy rate for 2025 was 73.1%, a slight decrease from 74.5% in 2024[75]. - The occupancy rate for comparable hotels in Q4 2025 was 70.2%, consistent with the previous year[53]. Future Projections - The company expects full-year 2026 RevPAR to range from $190 to $194, reflecting a change of 0.0% to 2.0% compared to 2025[38]. - Adjusted EBITDA for full-year 2026 is projected to be between $580 million and $610 million[41]. - Operating expenses for Park's hotels are expected to increase by 2% to 3% in 2026[40]. - The company anticipates approximately $9 million of incremental interest expense from refinancing $1.4 billion of mortgage debt maturing in 2026[40]. - Nareit FFO attributable to stockholders is projected to be between $313 million and $343 million for the year ending December 31, 2026[42]. - Adjusted FFO attributable to stockholders is expected to range from $348 million to $380 million, with diluted adjusted FFO per share estimated at $1.73 to $1.89[42]. Portfolio and Asset Management - The current hotel portfolio consists of 34 hotels with a total of 22,561 rooms and a combined meeting space of 2,321,000 square feet[49]. - The total equity for the current hotel portfolio is valued at $1,759 million[49]. - The company plans to continue expanding its portfolio and enhancing its market presence through strategic acquisitions and new hotel developments[49]. - The company sold 1 hotel in 2023 for gross proceeds of $118.3 million, contributing to a total of 41 hotels sold to date[68]. - The remaining non-core hotels to be sold include 10 hotels with a total room count of 4,414 and an estimated 2025 Adjusted EBITDA of $44 million[72]. Operational Metrics - Average Daily Rate (ADR) is calculated as rooms revenue divided by total room nights sold, reflecting pricing trends and customer base characteristics[110]. - Revenue per Available Room (RevPAR) combines occupancy and ADR, serving as a key performance indicator for hotel operations[111]. - Total RevPAR includes rooms, food and beverage, and other hotel revenues, providing a comprehensive view of revenue generation[112]. - The Company utilizes EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA, and Hotel Adjusted EBITDA margin as key performance measures to evaluate operating performance and make operational decisions[99]. - The Company believes that Net Debt, calculated as total debt minus cash and cash equivalents, is a useful measure of financial leverage for investors[106]. Challenges and Strategic Focus - The company is facing macroeconomic challenges, including elevated inflation and interest rates, which may impact future performance[5]. - The company plans to continue focusing on market expansion and new product development to enhance revenue streams[79]. - The company anticipates the completion of anticipated dispositions, including non-core hotels, to improve financial performance[5].

Company Operations - Brookdale operates and manages 584 senior living communities across 41 states, serving approximately 51,000 residents as of December 31, 2025[19]. - As of December 31, 2025, Brookdale Senior Living operated 584 communities with a total of 48,244 units, with Assisted Living and Memory Care representing 63.3% of total units[46]. - The company managed 36 communities (4,374 units) on behalf of others, representing 9% of its senior housing capacity as of December 31, 2025[58]. - The company owned 370 communities, leased 178 communities, and managed 36 communities on behalf of others as of December 31, 2025[194]. - The company provides memory care services at 312 communities, totaling 8,353 memory care units across its segments[54]. Financial Performance - For the year ended December 31, 2025, total resident fee and management fee revenue reached $3,053,565, with Assisted Living and Memory Care contributing 68.9% of this revenue[47]. - 93.9% of resident fee revenue was generated from private pay residents, while government reimbursement programs accounted for 4.8%[46]. - Medicare and Medicaid reimbursements accounted for 1.2% and 3.6% of consolidated resident fee revenue for the year ended December 31, 2025[90]. - The average rate adjustment for in-place private pay residents effective January 1, 2026, was higher than typical annual adjustments to offset increased costs due to inflation[106]. - The company anticipates selling 29 owned communities (2,364 units) in 2026, projecting approximately $200.0 million in proceeds[30]. Growth Strategy - The company aims to enhance operational excellence, targeting increased revenue and disciplined expense management to drive growth[21]. - Brookdale plans to acquire 25 senior living communities (875 units) for $135.0 million, and five communities (686 units) for $175.0 million, both transactions expected to close in February 2025[25][28]. - The company is focused on driving organic growth through increased occupancy and revenue per available room (RevPAR) growth, benefiting from lower supply growth in the industry[22]. - Brookdale's strategic priorities include enhancing associate engagement and trust among residents and families to improve service quality and operational performance[21]. Operational Challenges - The regulatory environment for the senior living industry is intensifying, impacting the company's operations and expansion capabilities[80]. - The company faces challenges in maintaining occupancy rates due to state regulations allowing residents to terminate agreements with short notice, potentially affecting revenues and cash flow[109]. - Changes in federal, state, and local employment-related laws could increase operational costs significantly due to labor being a large portion of operating expenses[89]. - The company is subject to various environmental regulations that could impose liabilities for hazardous substances, potentially affecting financial condition and operations[95]. Employee Engagement and Retention - As of December 31, 2025, the company employed approximately 33,000 associates, with 68% being full-time[71]. - In 2025, the company focused on reducing turnover, resulting in contract labor costs returning to pre-pandemic inflation-adjusted levels[72]. - The company has implemented quality assurance programs to achieve high resident and family satisfaction, including regular community inspections[68]. - The company has established resident councils to enhance engagement and responsiveness to residents' needs[69]. Market and Competitive Landscape - The senior living industry is projected to see over one million new potential residents annually for the next decade due to demographic trends[38]. - The senior living industry faces significant competition, with numerous organizations offering similar services, which could impact occupancy and revenue[107]. - The company’s competitive strengths include a skilled management team and a nationwide network of senior living communities, positioning it to benefit from industry growth[59]. Financial Risks and Liabilities - As of December 31, 2025, the company had $3.9 billion in mortgage financing and $369.4 million in convertible senior notes due 2029, indicating significant indebtedness[128]. - The company faces significant indebtedness and lease obligations, which could adversely affect future operations and stockholder interests if cash flow is insufficient to cover required payments[134]. - The company may need additional capital to fund operations and strategic priorities, but financing may not be available on favorable terms, potentially delaying or abandoning plans[145]. - The company is exposed to interest rate risk due to variable-rate debt obligations, which could increase costs and adversely affect results of operations and cash flow[144]. Legal and Compliance Issues - The company is currently involved in litigation and claims that could lead to increased operating costs and uninsured liabilities, potentially affecting financial condition[151]. - Government inquiries and audits could negatively impact the company's business and financial results, with potential sanctions and penalties for non-compliance[154]. - Compliance with various federal and state laws, including the Americans with Disabilities Act and Fair Housing Act, may require unanticipated expenditures[163][164]. Stock and Market Performance - The company has a share repurchase program authorized for up to $100 million, with $44 million remaining available as of December 31, 2025[215]. - The company’s stock is traded on the NYSE under the symbol "BKD," with approximately 282 holders of record as of February 17, 2026[201]. - The market price of the company's common stock may be volatile, influenced by various factors including economic conditions and market interest rates[182].

Financial Performance - Newmont Corporation reported sales of $22,669 million for 2025, a 21.5% increase from $18,682 million in 2024 and a 92.2% increase from $11,812 million in 2023[13] - The net income from continuing operations for 2025 was $7,167 million, significantly up from $3,313 million in 2024 and a loss of $2,494 million in 2023[13] - Adjusted net income for 2025 was $7,634 million, compared to $3,991 million in 2024 and $1,324 million in 2023, reflecting a strong performance[13] - Free cash flow for 2025 was reported at $7,299 million, a significant increase from $2,916 million in 2024 and $88 million in 2023[13] - Net income attributable to Newmont stockholders was $7,085 million or $6.39 per diluted share, an increase of $3,805 million from the prior year[25] - Adjusted net income reported was $7,634 million or $6.89 per diluted share, an increase of $3.41 per diluted share from the prior year[25] - Adjusted EBITDA reached $13,480 million, reflecting a 55% increase from the prior year[25] - Net cash provided by operating activities was $10,334 million, a 64% increase from the prior year, with free cash flow of $7,299 million[25] Production and Costs - Consolidated gold production for 2025 was 5,530 thousand ounces, a decrease from 6,545 thousand ounces in 2024 but an increase from 5,401 thousand ounces in 2023[17] - The average realized price of gold per ounce in 2025 was $3,498, up from $2,408 in 2024 and $1,954 in 2023[17] - Consolidated costs applicable to sales for gold per ounce in 2025 were $1,199, an increase from $1,126 in 2024 and $1,050 in 2023[19] - Attributable gold production was approximately 6 million ounces, a decrease of 14% from the prior year due to divestments[25] Projects and Investments - The Tanami Expansion 2 project is expected to increase average annual gold production and improve efficiency, with total capital costs estimated between $1,700 million and $1,800 million[23] - The Cadia Panel Caves project aims to recover approximately 5 million ounces of gold and 1.1 million tonnes of copper, with capital costs estimated between $2,000 million and $2,400 million[24] Dividends and Shareholder Returns - Regular cash dividends declared per common share for 2025 were $1.01, consistent with $1.00 in 2024 but down from $1.45 in 2023[13] - A total dividend of $1.01 per share was declared for the year[25] Cash and Liquidity - The company ended the year with $7.6 billion in consolidated cash and $11.6 billion in total liquidity[25] - The company redeemed $3.4 billion of senior notes and settled $2.3 billion in share repurchases during the year[25] Tax and Valuation - The Company has recorded a valuation allowance for deferred tax assets in Peru and Argentina due to recent pretax losses and expectations of future pretax losses[655] - The realizable amount of deferred tax assets could be adjusted if future taxable income estimates increase or if cumulative losses are no longer present[655] - Additional risk factors affecting the realization of deferred tax assets are detailed in Note 2 to the Consolidated Financial Statements[656] Future Outlook - A long-term gold price assumption of $2,500 per ounce is significant for future cash flow assessments[634]

Financial Performance - Generated fourth quarter revenue of $1.10 billion, a decrease of 4.9% quarter-over-quarter, but an increase of 9.7% year-over-year[5] - Full-year 2025 net sales were $4.57 billion, a decrease of 0.6% compared to 2024[11] - Net sales for Q4 2025 reached $1,104.8 million, a 9.7% increase from $1,007.4 million in Q4 2024[32] - In Q4 2025, carbon steel net sales were $538 million, down 7.9% quarter-over-quarter but up 5.5% year-over-year[23] - For FY 2025, carbon steel net sales totaled $2.263 billion, a decrease of 5.0% compared to FY 2024[24] Profitability - Net loss attributable to Ryerson Holding Corporation for Q4 2025 was $37.9 million, or $1.18 per diluted share, compared to a net loss of $14.8 million in Q3 2025[10] - Gross profit for Q4 2025 was $168.9 million, down from $191.1 million in Q4 2024, reflecting a gross profit margin decrease[32] - Operating loss for Q4 2025 was $(37.9) million compared to an operating profit of $2.6 million in Q4 2024[32] - Adjusted EBITDA, excluding LIFO, was $20.4 million in Q4 2025, down 49.4% from Q3 2025[10] - Adjusted EBITDA for Q4 2025 was $(2.1) million, while for Q4 2024 it was $35.7 million, indicating a significant decline[35] Cash Flow and Assets - Cash flow provided by operating activities in Q4 2025 was $112.7 million, up from $92.2 million in Q4 2024[32] - Free cash flow for Q4 2025 was $91.9 million, with a free cash flow yield of 11.3%, compared to 11.7% in Q4 2024[40] - Total current assets as of December 31, 2025, were $1,222.8 million, slightly up from $1,207.6 million as of December 31, 2024[34] - Total liabilities as of December 31, 2025, were $1,641.1 million, compared to $1,615.0 million as of December 31, 2024[34] - Total equity decreased to $763.6 million as of December 31, 2025, from $824.5 million as of December 31, 2024[34] Market and Shareholder Information - Declared a first quarter 2026 dividend of $0.1875 per share, payable to shareholders of record as of March 5, 2026[5] - Market capitalization as of December 31, 2025, was $810.4 million, an increase from $589.5 million at the end of 2024[40] - Adjusted diluted loss per share for the year ended December 31, 2025, was $(1.56), compared to $(0.18) in 2024[38] Future Projections - Ryerson expects same-store customer shipments to increase by 13% to 15% in the first quarter, with net sales projected between $1.26 billion and $1.30 billion[21] - The combined company anticipates first quarter 2026 revenue in the range of $1.52 billion to $1.58 billion, with Adjusted EBITDA, excluding LIFO, between $63 million and $67 million[22] - EBITDA for Q1 2026 is projected to be between $48 million and $52 million, with adjusted EBITDA excluding LIFO expense expected to range from $63 million to $67 million[42] - Ryerson anticipates gross margin expansion in Q1 2026 as inventory cost increases from Q4 2025 are realized[21] - The company expects to generate net income of $10 million to $12 million before merger-related fees in the first quarter[21] Merger and Financing - Completed merger with Olympic Steel, projected to generate $120 million in annual run-rate synergies over the next two years[5] - Extended and expanded credit facility from $1.3 billion to $1.8 billion, enhancing financial stability and growth opportunities[5] - Olympic Steel is expected to generate revenue of $260 million to $280 million in the last six weeks of the quarter[22] Shipping and Pricing - Tons shipped in Q4 2025 were 461, down 4.9% from Q3 2025, but up 3.1% compared to Q4 2024[4] - Average selling price per ton was $2,397, flat compared to Q3 2025, and up 6.3% year-over-year[4] - Average selling prices for carbon steel in Q4 2025 were $1,490 per ton, a decrease of 2.8% quarter-over-quarter but an increase of 3.2% year-over-year[23] - Tons shipped in Q4 2025 totaled 461,000, an increase from 447,000 tons in Q4 2024[32]

Financial Performance - Hamilton reported a net income of $577 million for 2025, representing a 44% increase compared to the previous year, with a return on average equity of 22%[2] - Net income attributable to common shareholders increased by $176.2 million, or 44.0%, to $576.7 million[11] - Net income for 2025 prior to non-controlling interest was $840,029,000, compared to $613,158,000 in 2024, marking an increase of about 37%[32] - In Q4 2025, net income was $172.2 million, or $1.69 per diluted share, with an annualized return on average equity of 25.1%[6] - Net income attributable to common shareholders for Q4 2025 was $172,185 thousand, significantly higher than $33,920 thousand in Q4 2024, marking a growth of 408.5%[25] Premiums and Underwriting - Gross premiums written grew by 21% to $2.9 billion, while net premiums earned increased by 21.6% to $2.1 billion compared to 2024[6] - The combined ratio for the year was 92.9%, indicating strong underwriting performance[6] - The combined ratio for the year was 92.9%, an increase of 1.6 percentage points from 91.3% in 2024[11] - The combined ratio for the company indicates underwriting profitability, with a ratio under 100% suggesting a positive performance[41] - The attritional loss ratio for Q4 2025 was 56.5%, an increase of 5.3 points from the previous year, driven by more large losses[7] Shareholder Returns - A special dividend of $2.00 per common share was declared, resulting in an aggregate payment of approximately $206 million[3] - The company repurchased common shares totaling $93.4 million in 2025, with $7.7 million repurchased in Q4[6] Asset and Equity Growth - Book value per share rose by 24% to $28.50, reflecting a 64% increase since the company's listing in 2023[2] - Total shareholders' equity increased to $2.8 billion from $2.3 billion at December 31, 2024[17] - Total assets increased to $9,571,613 thousand in 2025 from $7,796,033 thousand in 2024, representing a growth of 22.5%[24] - Cash and cash equivalents rose to $1,062,359 thousand in 2025, compared to $996,493 thousand in 2024, indicating a growth of 6.6%[24] Revenue and Investment Income - Total revenues for 2025 reached $2,905,524 thousand, a 24.7% increase from $2,329,924 thousand in 2024[25] - Net investment income for the year 2025 was $88,021 thousand, up from $63,267 thousand in 2024, a growth of 39.2%[25] - Total net realized and unrealized gains on investments for 2025 reached $775,132,000, compared to $574,674,000 in 2024, reflecting a growth of approximately 35%[32] Operational Efficiency - Corporate expenses for 2025 totaled $57,167,000, a decrease from $61,111,000 in 2024, representing a reduction of approximately 6%[36] - Other underwriting expenses for Q4 2025 were $57,079,000, down from $69,674,000 in Q4 2024, showing a decrease of about 18%[37] Market Outlook and Risks - The company anticipates continued growth in its market position and profitability, driven by strategic initiatives and operational efficiencies[42] - Risks include competitive pressures, regulatory changes, and macroeconomic factors that could impact future performance and strategic execution[43]