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 ...

Financial Position - As of December 31, 2025, PNC's consolidated total assets were $573.6 billion, total deposits were $440.9 billion, and total shareholders' equity was $60.6 billion[14]. - PNC completed the acquisition of FirstBank Holding Company on January 5, 2026, which had $26.4 billion in assets, $16.0 billion in loans, and $23.1 billion in deposits[16]. - PNC and PNC Bank are classified as Category III banking organizations, with total assets exceeding $250 billion but less than $700 billion[28]. - PNC's acquisition of FirstBank did not affect its classification as a Category III banking organization[28]. - PNC's employee count was 55,333 as of December 31, 2025, including 53,859 full-time and 1,474 part-time employees[89]. Capital Requirements - PNC must maintain a minimum CET1 ratio of 4.5%, a tier 1 capital ratio of 6.0%, and a total capital ratio of 8.0% to be considered "adequately capitalized"[32]. - PNC's SCB for the four-quarter period beginning October 1, 2025, is set at 2.5%[41]. - As of December 31, 2025, PNC and PNC Bank exceeded the required ratios for classification as "well capitalized"[38]. - PNC is subject to the Federal Reserve's capital plan rule, capital stress testing requirements, and CCAR process due to its total consolidated assets exceeding $100 billion[41]. - PNC's leverage and supplementary leverage ratios were above the required minimum level as of December 31, 2025[35]. Regulatory Environment - The federal banking agencies proposed a rule in July 2023 that would significantly revise capital requirements for large banking organizations, including PNC[39]. - PNC is subject to enhanced prudential standards due to its total consolidated assets exceeding $100 billion, which includes liquidity stress testing requirements[53]. - The OCC has established heightened risk management and governance standards for large national banks, including PNC Bank, to ensure effective risk governance[62]. - PNC must obtain prior approval from the Federal Reserve for significant acquisitions, including mergers and consolidations with other banks or BHCs[70]. - PNC is required to submit a resolution plan to the Federal Reserve and FDIC every three years, with the next full plan due by October 1, 2025[74]. Liquidity Management - PNC must conduct internal liquidity stress tests and maintain a 30-day buffer of high-quality liquid assets as part of its liquidity management strategy[49]. - The Federal Reserve requires PNC to publicly disclose quantitative and qualitative measures of its LCR and NSFR liquidity profile, including major components used in calculations[48]. - PNC is classified as a Category III institution, which allows for a 15% reduction in LCR and NSFR requirements, thereby lowering the amount of high-quality liquid assets required to meet minimum standards[47]. Competition and Market Conditions - The company is subject to intense competition from various financial institutions, including commercial banks, credit unions, and fintech companies[83]. - The company operates in a highly competitive environment, facing intense competition from both financial institutions and fintech companies, which may affect its ability to attract and retain customers[173]. - The company may face challenges in expanding into new markets due to competition from established players[173]. Economic and Credit Risks - Economic conditions in the U.S. significantly affect PNC's financial performance, with adverse conditions potentially reducing demand for products and increasing credit risk[103]. - Credit risk is a significant concern for PNC, particularly due to the high percentage of assets represented by loans and securities[145]. - The concentration of assets in specific industries or geographies increases the potential for significant credit losses during economic downturns[149]. - Changes in interest rates affect the net interest income and margin, influencing profitability and potentially increasing credit losses[157]. Technology and Cybersecurity - The company continues to invest in technology to enhance customer experience and automate functions, which may involve considerable expenditures[127]. - Cyber attacks and data breaches pose serious risks to the confidentiality of sensitive information, potentially leading to financial losses and reputational harm[131]. - PNC's Chief Information Security Officer presents quarterly updates on cyber threats and risks, including threat intelligence and incident reporting[196]. - Cybersecurity risk is integrated into PNC's overall Enterprise Risk Management (ERM) framework, represented as the Information Security domain among eight operational risk domains[197]. - The company has policies and programs in place to mitigate risks from technology failures and security breaches, but cannot guarantee their effectiveness[141]. Human Capital and Talent Management - Approximately 54% of open requisitions at PNC are filled with internal candidates, reflecting the company's focus on talent retention and development[96]. - PNC hires around 400 interns and 375 full-time development program associates annually from its early career development programs[96]. - The company is committed to providing competitive compensation and benefits programs, including a 401(k) plan with employer match and health benefits[96]. - The company relies on skilled labor, and competition for talented employees may lead to increased expenses and challenges in retaining high-performing staff[174]. Legal and Compliance Risks - The company faces risks from compliance failures and regulatory scrutiny, which could limit business expansion and result in significant fines or penalties[115]. - The company faces risks related to legal proceedings, which could result in significant monetary damages or reputational harm[180]. - Regulatory and reputational risks are heightened by the company's engagement with controversial industries or clients, affecting customer relationships[172].

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 | ...

Workforce and Talent Management - As of December 31, 2025, the company had a global workforce of over 6,500 people, with approximately 25% in Europe, 49% in Latin America, and 26% in North America[18] - The company has a talent strategy focused on attracting and retaining diverse employee talent, with initiatives including internships and trainee programs[28] - The company faces risks related to labor market competition, which could impact its ability to attract and retain skilled employees[37] - The company aims to enhance employee engagement, with over 80 action plans focused on safety, collaboration, and employee development, showing progress by the end of 2025[30] - The company has implemented a "People Before Paper" safety program since 2022, emphasizing mental health and overall well-being to improve workplace safety[22] - The company has established a Global Inclusion and Diversity Council to support its inclusion and diversity strategy, meeting quarterly to provide feedback and sponsorship[33] Environmental Sustainability and Compliance - In 2025, the company spent approximately $5.4 million on capital projects to control environmental releases, with an expected additional expenditure of $10 to $12 million over 2026 and 2027[46] - The company is committed to compliance with environmental regulations, including the U.S. EPA's maximum achievable control technology (MACT) standards for air emissions[40] - The company expects to spend about $6 to $8 million in 2026 for environmental control projects, part of a broader commitment to sustainability[46] - The company aims to reduce its Scope 1, 2, and 3 GHG emissions by 35% by 2030, using a 2019 baseline[49] - The company generated at least 85% of the energy used in its mills from carbon-neutral biomass residuals, minimizing fossil fuel use[63] - The company plans to source 100% of its fiber from sustainably managed forests and aims to conserve, enhance, or restore 250,000 acres of ecologically significant forestland globally by 2030[59] - The company has achieved a 25% reduction in water use at its mill in Tres Lagoas, Brazil, against a 2019 baseline[62] - The company follows credible certification systems for sustainable forest management, with approximately 50% of sourced fiber certified to recognized standards[61] - The company participates in the Carbon Disclosure Project to provide transparency on its environmental practices[64] - The company has a Chief Sustainability Officer overseeing sustainability strategies and initiatives, reporting to the board's Nominating and Corporate Governance Committee[66] - The company is subject to the European Union Deforestation Regulation (EUDR), which has a compliance deadline of December 30, 2026, requiring extensive diligence on the value chain[41] - The company is subject to various environmental regulations, including the EU ETS and GHG reporting rules in the U.S., which may impact operations and costs[50] Financial Performance and Risks - The company highlights the cyclical nature of the paper industry and the secular decline in paper demand as significant factors affecting performance[70] - Increased costs or reduced availability of raw materials, energy, and labor are noted as potential risks to manufacturing and delivery[70] - The company relies on a small number of customers, which could pose risks to revenue stability[70] - Compliance with extensive environmental and regulatory laws in various jurisdictions is a critical consideration for the company[70] - The company acknowledges potential cybersecurity risks that could affect operations and third-party relationships[70] - The company identifies various risks that could impact actual results, including economic conditions, competition, and supply chain disruptions[70] - The company incorporates market risk disclosures in its financial condition and results of operations analysis[258] - The company emphasizes that forward-looking statements are not guarantees of future performance and actual results may differ materially from those expressed or implied[70] - The company does not assume any obligation to update forward-looking statements to reflect subsequent events or actual outcomes[71] - The annual reports and other filings are publicly available on the company's website, ensuring transparency for investors[72] Regulatory Compliance and Reporting - The company will begin reporting for European operations under the CSRD in 2027 and for the entire company globally in 2029[51] - The Nymölla mill's eligibility for free allocation of GHG emission allowances under the EU ETS will terminate on December 31, 2025, but this is not expected to have a material financial impact[48]

Midstream Operations - The Midstream segment owns or holds partial interests in approximately 70,000 miles of pipeline systems, 39 refined product terminals, and 35 natural gas processing plants as of December 31, 2025[18]. - On April 1, 2025, the company acquired Coastal Bend, which includes long haul NGL pipelines and fractionation facilities[19]. - The company holds an aggregate direct and indirect economic interest of 86.8% in DCP Midstream, which sold its 25% ownership interest in Gulf Coast Express Pipeline LLC on January 30, 2025[20]. - The company has a gross storage capacity of 17,251 MBbl at the Clemens facility in Texas, with a 100% ownership interest[39]. - The Sweeny Hub has expanded its fractionation capacity to 675,000 B/D, enhancing its role in the U.S. Gulf Coast NGL market[34]. - The Coastal Bend assets acquired in 2025 include pipelines with a gross capacity of 225 MB/D, enhancing takeaway capabilities for DCP LP's operations[33]. - The company operates approximately 8,900 owned or leased railcars for rail movements, supporting its distribution operations[30]. - The Midstream segment exports liquefied petroleum gas (LPG) to global markets, enhancing its international presence[17]. - DCP LP's natural gas processing plants have a net nameplate processing capacity of 5 billion cubic feet per day (Bcf/d) across 35 active plants[32]. Refining Operations - The Refining segment operates 10 refineries in the United States and Europe, processing crude oil into various petroleum products[17]. - The Bayway Refinery has a capacity of 258 thousand barrels daily, producing 157 thousand barrels of gasoline and 130 thousand barrels of distillates with a yield capability of 93%[53]. - The Humber Refinery produces a high percentage of transportation fuels and is the only refinery in the UK with coking facilities, exporting refined products globally[57]. - The MiRO Refinery, the largest in Germany, operates as a joint venture with a capacity of 58 thousand barrels daily, producing a high percentage of transportation fuels[58]. - The Wood River Refinery has a capacity of 345 thousand barrels daily, producing a high percentage of transportation fuels and petrochemical feedstocks[64]. - On October 1, 2025, the company acquired the remaining 50% equity interest in WRB Refining LP, enhancing its refining capabilities[63]. - The company acquired the remaining 50% equity interest in WRB Refining LP from Cenovus on October 1, 2025, enhancing its operational control[63]. - The total net clean product capacity across all refineries is 1,948 thousand barrels daily, with a projected increase to 1,993 thousand barrels daily by January 1, 2026[53]. Chemicals Segment - The Chemicals segment includes a 50% equity investment in Chevron Phillips Chemical Company, which manufactures petrochemicals and plastics globally[17]. - CPChem's ethylene production capacity is 12,395 million pounds per year in the U.S., contributing to a total of 32,340 million pounds across all products[49]. - The Chemicals segment consists of a 50% equity investment in CPChem, which operates 29 manufacturing facilities globally[46]. - CPChem is constructing world-scale petrochemical facilities with a 4.6 billion pounds per year ethane cracker and two high-density polyethylene units with a combined capacity of 4.4 billion pounds per year in the U.S. Gulf Coast, and a similar facility in Ras Laffan, Qatar with a total capacity of 3.7 billion pounds per year, expected to be operational by 2027[50]. Marketing and Specialties - The Marketing and Specialties segment includes the manufacturing and marketing of base oils and lubricants, primarily in the U.S. and Europe[17]. - The Marketing and Specialties segment includes approximately 7,620 branded outlets in 48 states as of December 31, 2025, marketing gasoline, diesel, and aviation fuel[71]. - The wholesale operations utilize a network of approximately 5,360 outlets, emphasizing lower capital requirements in the wholesale channel[72]. - The company has a retail joint venture with approximately 780 outlets in the West Coast, Midcontinent, and Rockies regions as of December 31, 2025[75]. - In the UK, the company operates approximately 320 marketing outlets, with a 35% interest in about 960 predominantly JET-branded sites in Germany and Austria[76]. - The company divested 65% of its interest in the Germany and Austria retail marketing business on December 1, 2025, retaining a 35% non-operating equity interest[78]. Renewable Fuels - The Renewable Fuels segment processes renewable feedstocks into products at the Rodeo Renewable Energy Complex and Humber Refinery[17]. - The Rodeo Complex processes approximately 50,000 B/D (800 million gallons per year) of renewable feedstocks into renewable fuels[84]. - A 30.2 megawatt solar facility was completed at the Rodeo Complex, reducing grid power demand by 50% and expected to avoid approximately 33,000 metric tons of CO2 emissions annually[85]. - An agreement was made to supply approximately 83 million gallons of sustainable aviation fuel over three years, expected to reduce greenhouse gas emissions by approximately 737,000 metric tons[86]. - The Renewable Fuels segment includes global activities to procure renewable feedstocks and manage regulatory credits, focusing on renewable diesel and renewable jet fuel[83]. Safety and Human Capital - The personal safety performance metrics include an ISI rate of 0.018 and a combined workforce TRR of 0.11 for 2025[94]. - The company aims for continuous improvement in human capital management, focusing on capability building and leadership development[91]. - The company had approximately 12,600 employees as of December 31, 2025, focusing on delivering energy and improving lives[89]. - The company holds a total of 583 active patents in 18 countries, including 445 active U.S. patents as of December 31, 2025[96]. Environmental and Regulatory - The company is subject to various federal and state environmental regulations, which impact capital expenditures and competitive positioning[98].

Financial Performance - Total revenue for Q4 2025 reached $407.0 million, a 4.5% increase year-over-year from $389.6 million in Q4 2024[2] - Net income for the year ended December 31, 2025, was $850.4 million, up from $807.6 million in 2024, reflecting a growth of 5.3%[2] - Adjusted Funds from Operations (AFFO) for Q4 2025 was $290.0 million, representing a 7.5% increase from $269.7 million in Q4 2024[2] - Total revenue for the three months ended December 31, 2025, was $407.031 million, an increase from $389.615 million in the same period of 2024, representing a growth of 4.1%[16] - Net income for the three months ended December 31, 2025, was $275.356 million, compared to $223.610 million in 2024, reflecting a year-over-year increase of 23.2%[16] - Basic earnings per common share for the three months ended December 31, 2025, were $0.94, up from $0.79 in the same period of 2024, indicating an increase of 19.0%[16] - Income from operations for the year ended December 31, 2025, was $1.201 billion, compared to $1.130 billion in 2024, marking an increase of 6.3%[16] - Funds from operations (FFO) for the year ended December 31, 2025, reached $1.114 billion, compared to $1.062 billion in 2024, marking a 4.9% increase[22] - Comprehensive income attributable to common shareholders for the year ended December 31, 2025, was $826.015 million, compared to $784.620 million in 2024, showing an increase of 5.3%[16] Capital Expenditures and Investments - GLPI's current pipeline for future capital outlays amounts to approximately $2.6 billion, with a blended cap rate over 8%[4] - The company executed three new transactions totaling approximately $876 million at a blended cap rate of over 9% during 2025[4] - The company funded $201.6 million for the Bally's Chicago project, with a total commitment of $940 million[5] - The company has a funding commitment of $225 million for the relocation of Hollywood Casino Aurora, with no amount funded as of December 31, 2025[30] - The company anticipates funding $940 million for real estate construction costs for Bally's Chicago, with $201.6 million already funded[30] Debt and Financial Ratios - As of December 31, 2025, GLPI's net financial leverage stood at 4.6x, below the target range of 5.0x to 5.5x[6] - Total long-term debt as of December 31, 2025, was $7.204 billion, down from $7.736 billion in 2024, indicating a reduction of 6.9%[27] - The weighted average interest rate on the company's long-term debt is 5.026%[27] - The company has a total equity attributable to Gaming and Leisure Properties of $4.626 billion as of December 31, 2025, compared to $4.269 billion in 2024, reflecting an increase of 8.4%[26] Lease Agreements and Coverage Ratios - The coverage ratio for the Amended PENN Master Lease is reported at 1.86 as of September 30, 2025, exceeding the minimum requirement of 1.8[33] - The Amended Pinnacle Master Lease has a coverage ratio of 1.69 as of September 30, 2025, with a minimum escalator coverage governor of 1.8[35] - The Bally's Master Lease II has a coverage ratio of 2.60 as of September 30, 2025, indicating strong financial health[36] - The Boyd Master Lease has a coverage ratio of 2.45 as of September 30, 2025, with a maximum annual base rent escalator of 2%[37] - The coverage ratio for the Casino Queen Master Lease is set at 1.35, with specific conditions based on the tenant's parent's net leverage[36] - Coverage ratio at September 30, 2025 for Horseshoe St. Louis is 3.06, for Belterra Park is 1.98, and for MD Live! is 3.50[39] Future Outlook and Strategic Plans - The company has established AFFO guidance for 2026 between $1.207 billion and $1.222 billion, or between $4.06 and $4.11 per diluted share[9] - The company plans to continue expanding its market presence through strategic acquisitions and new lease agreements, aiming for sustained revenue growth in the upcoming fiscal year[16] - The company expects future growth and cash flows in 2026 and beyond, with specific 2026 AFFO guidance provided[46] - The company is focused on identifying suitable acquisition and development opportunities to expand its portfolio[46] Risks and Challenges - Higher inflation and interest rates may impact discretionary consumer spending, affecting the casino operations of the company's tenants[46] - The company acknowledges potential risks from economic policies, health crises, and geopolitical events that could impact operations[46] - The ability of the company's tenants to meet their financial obligations is crucial for maintaining overall financial health[46] - The company may face challenges related to retaining key management personnel and accessing capital markets[46] Regulatory and Compliance - The company emphasizes the importance of maintaining its REIT status, which is subject to complex Internal Revenue Code provisions[46] - Regulatory approvals are necessary for the company to own its properties and complete planned acquisitions[46] - The corporate guarantee is present in both the Amended PENN Master Lease and the Amended Pinnacle Master Lease, providing additional security[33][35]