Financial Performance - Net sales for the year ended December 31, 2025, were $5,037.5 million, an increase of $44.4 million, or 0.9%, compared to 2024[285]. - Net income attributable to Herbalife for 2025 was $228.3 million, or $2.20 per diluted share, a decrease of $26.0 million, or 10.2%, from 2024[286]. - The Primary Reporting Segment reported net sales of $4,758.4 million for 2025, an increase of $62.9 million, or 1.3%, compared to 2024[290]. - Contribution margin for the Primary Reporting Segment was $2,037.2 million, or 42.8% of net sales, an increase of $32.9 million, or 1.6%, from 2024[293]. - The 0.9% increase in net sales for 2025 was primarily driven by a 3.2% favorable impact of price increases, offset by a 1.6% unfavorable impact from foreign currency fluctuations and a 0.5% decrease in sales volume[285]. - Gross profit was $3,922.9 million for the year ended December 31, 2025, maintaining a gross profit margin of 77.9%[314]. - Gross profit as a percentage of net sales was flat for the year ended December 31, 2025, compared to 2024, with a favorable impact of price increases of 78 basis points and other cost changes of 9 basis points, offset by unfavorable impacts from foreign currency fluctuations of 65 basis points and higher inventory write-downs of 10 basis points[315]. Regional Sales Performance - North America reported net sales of $1,033.0 million for the year ended December 31, 2025, a decrease of $21.4 million, or 2.0%, compared to 2024[296]. - Latin America achieved net sales of $881.2 million for the year ended December 31, 2025, an increase of $48.7 million, or 5.8%, compared to 2024[300]. - EMEA region net sales were $1,114.4 million for the year ended December 31, 2025, reflecting an increase of $29.6 million, or 2.7%, compared to 2024[304]. - Asia Pacific region, excluding China, reported net sales of $1,729.8 million for the year ended December 31, 2025, an increase of $6.0 million, or 0.3%, compared to 2024[307]. - China region net sales were $279.1 million for the year ended December 31, 2025, a decrease of $18.5 million, or 6.2%, compared to 2024[311]. - In India, net sales increased by $44.8 million, or 5.3%, for the year ended December 31, 2025, supported by a reduction in GST rates[308]. Cost Management and Expenses - Selling expenses were $1,782.4 million for the year ended December 31, 2025, representing 35.4% of net sales, a decrease from 35.7% in 2024, primarily due to favorable changes in the mix of products and countries[317][318]. - General and administrative expenses decreased to $1,664.3 million for the year ended December 31, 2025, or 33.0% of net sales, down from 34.6% in 2024, driven by lower labor and benefits costs of $78.3 million[319][320]. - The company continues to assess its cost structure and potential pricing actions in response to ongoing inflationary pressures[284]. Strategic Initiatives - The company’s strategies focus on improving daily consumption approaches and leveraging technology to enhance Member experiences and drive sales[280]. - The company launched new products including a healthy lifespan supplement and MultiBurn, aimed at enhancing member sales capabilities[298]. - The beta version of the Pro2col health and wellness digital platform was unveiled in July 2025, with a successful release in December 2025[299]. Cash Flow and Capital Expenditures - Operating cash flow increased to $333.3 million for the year ended December 31, 2025, compared to $285.4 million in 2024, attributed to higher net income and lower income taxes[328]. - Capital expenditures were $80.5 million for the year ended December 31, 2025, down from $112.2 million in 2024, with significant investments in digital technology initiatives[329]. Debt and Financing - The company issued $800.0 million aggregate principal amount of senior secured notes due 2029, with an interest rate of 12.250% per annum payable semiannually[348]. - The 2024 Term Loan B Facility has an aggregate principal amount of $400.0 million and requires quarterly payments equal to 5.0% of the principal amount per annum, starting September 2024[339]. - The company repaid $981.0 million of long-term debt by extinguishing the 2018 Credit Facility, resulting in a loss on extinguishment of approximately $2.5 million[340]. - As of December 31, 2025, the outstanding principal on the 2029 Secured Notes was $800.0 million, and the company had no borrowings outstanding under the 2024 Revolving Credit Facility[348][346]. - The weighted-average interest rate for borrowings under the 2024 Credit Facility was 11.64% as of December 31, 2025, compared to 10.35% as of December 31, 2024[346]. Working Capital and Assets - The company had positive working capital of $131.8 million as of December 31, 2025, an increase of $218.5 million from negative working capital of $86.7 million in 2024[363]. - Cash and cash equivalents held by Herbalife Ltd. and its U.S. entities totaled $47.8 million as of December 31, 2025[357]. - The company had goodwill of approximately $100.5 million, an increase of $12.8 million from $87.7 million in 2024, primarily due to the acquisition of Link BioSciences Inc.[377]. - The company had marketing-related intangible assets of approximately $310.0 million as of December 31, 2025, with no impairment recorded during the years ended December 31, 2025, and 2024[377]. Tax and Accounting - The company believes it is more likely than not that the net carrying value of deferred income tax assets will be realized, although realization is not assured[380]. - The company initiated changes to its corporate entity structure, including intra-entity transfers of intellectual property to a European subsidiary, resulting in a step-up in tax basis on the fair value of the intellectual property[380]. - Tax benefits from uncertain tax positions are recognized only if it is more likely than not that the position will be sustained upon examination by taxing authorities[381]. - The company accounts for foreign currency transactions in accordance with FASB ASC Topic 830, with foreign subsidiaries' asset and liability accounts translated into U.S. dollars at period-end exchange rates[383].

Financial Performance - Fourth quarter 2025 net income was $86.3 million, or $1.42 per diluted share, compared to $77.0 million, or $1.34 per diluted share, in the same period last year, representing a 12.0% increase in earnings per share [3]. - Full year 2025 adjusted net income was $271.0 million, or $4.48 per diluted share, compared to $224.8 million, or $3.94 per diluted share, in 2024, reflecting a 13.7% increase in adjusted earnings per share [3]. - Operating income for the twelve-month 2025 period was $457.5 million, compared to $399.0 million in 2024, indicating a 14.6% increase [8]. - Net income for the year ended December 31, 2025, was $264,224,000, compared to $222,850,000 in 2024, reflecting a year-over-year increase of 18.6% [31]. - Operating income for the year ended December 31, 2025, rose to $457,467,000, up from $398,899,000 in 2024, marking a growth of 14.7% [31]. - Basic earnings per share for the year ended December 31, 2025, increased to $4.39, compared to $3.92 in 2024, an increase of 12.0% [31]. - For the three months ended December 31, 2025, ONE Gas, Inc. reported a net income of $86.3 million, an increase from $77.0 million in the same period last year, representing a growth of 16.9% [39]. - Adjusted net income for the same period was $89.7 million, compared to $77.5 million in the prior year, reflecting a year-over-year increase of 15.7% [39]. - Basic earnings per share (EPS) for 2025 was $4.39, up from $3.92 in 2024, reflecting a year-over-year increase of 12% [39]. Revenue Growth - Total revenues for the year ended December 31, 2025, increased to $2,427,428,000, up from $2,083,558,000 in 2024, representing a growth of 16.5% [31]. - Total revenues for the three months ended December 31, 2025, were $689.4 million, up from $630.7 million in the previous year, marking an increase of 9.3% [50]. - Natural gas sales for the same period reached $629.1 million, compared to $573.4 million in the prior year, indicating a growth of 9.7% [50]. - Revenues associated with KGSS-I for the twelve months ended December 31, 2025, totaled $47.4 million, an increase of $3.1 million compared to the previous year [45]. Capital Expenditures and Investments - Capital expenditures and asset removal costs for full year 2025 were $759.5 million, slightly down from $762.1 million in 2024 [11]. - Capital investments for 2026 are expected to be approximately $800 million, primarily for system integrity and replacement projects [15]. - Capital expenditures for the year ended December 31, 2025, were $707,226,000, slightly up from $703,165,000 in 2024 [37]. - Capital expenditures for the year ended December 31, 2025, were $759.5 million, slightly down from $762.1 million in 2024 [50]. Future Guidance - ONE Gas expects 2026 adjusted net income to be in the range of $306 million to $314 million, with adjusted net income per diluted share of $4.83 to $4.95 [13]. - The company anticipates long-term adjusted net income growth of 7% to 9% and adjusted net income per diluted share growth of 5% to 7% [14]. - The company provided financial guidance for 2026, projecting GAAP net income between $294 million and $302 million, with adjusted net income expected to be between $305.9 million and $314 million [41]. Dividends and Shareholder Returns - ONE Gas increased the dividend for the first quarter of 2026 by 1 cent to $0.68 per share, payable on March 6, 2026 [4]. - The company declared dividends of $0.67 per share for the fourth quarter of 2025, up from $0.66 in the same period of 2024 [31]. Assets and Liabilities - Total assets as of December 31, 2025, were $8,853,084,000, up from $8,425,571,000 in 2024, indicating a growth of 5.1% [35]. - Total current liabilities as of December 31, 2025, were $1,531,858,000, compared to $1,458,276,000 in 2024, reflecting an increase of 5.0% [35]. - The company reported a decrease in cash and cash equivalents to $33,727,000 as of December 31, 2025, down from $78,537,000 in 2024 [37]. - The company reported a decrease in total assets to $261.4 million as of December 31, 2025, from $291.2 million in 2024, a decline of 10.2% [46]. Weather Impact - Weather was 22.7% warmer than normal for the three months ended December 31, 2025, impacting operating income [5]. Customer Growth - The average number of customers increased to 2.290 million in 2025 from 2.277 million in 2024, representing a growth of 0.6% [50].

Operating Costs and Financial Risks - The company emphasizes that operating costs and business disruptions may exceed expectations, impacting revenue and distributions to stockholders[13] - Higher interest rates could adversely affect the value of variable-rate investments, increasing interest expenses and disrupting borrowers' refinancing capabilities[13] - The company has not established a minimum distribution payment level, raising concerns about future distribution capabilities[16] Credit Losses and Reserves - The CECL reserve represents a lifetime estimate of expected credit losses, influenced by factors such as loan-to-value ratios and borrower financial performance[384] - The CECL reserve is calculated using a probability of default and loss given default model, primarily based on historical loss rates from a commercial mortgage-backed securities database[386] Real Estate Investment Risks - Real estate investments are evaluated for impairment periodically, with losses recognized if carrying values exceed undiscounted future net cash flows[393] - The company faces risks related to competition in the real estate investment business, including attracting and retaining qualified personnel[16] - Changes in consumer patterns and market disruptions may adversely impact the value of certain debt and equity investments[16] Regulatory and Tax Considerations - The company is subject to extensive regulation, which could affect its ability to manage its business effectively[18] - The company may incur adverse tax consequences if it fails to qualify as a REIT, impacting cash available for distribution to stockholders[18]

Monetary Policy and Market Conditions - Future Fed monetary policy could adversely impact the prices and liquidity of Agency Securities, potentially leading to a decline in net income if costs of funds increase without a corresponding rise in interest income [64]. - The market value of MBS is highly dependent on the support of GSEs by the U.S. government; any changes to this support could significantly reduce MBS market value and liquidity [66]. - The company may face increased financial market volatility and wider market spreads due to changes in U.S. fiscal policy, including the U.S. debt ceiling [68]. - Changes in trade policies and tariffs could lead to significant financial market volatility and negatively impact ARMOUR's business and financial condition [70]. Borrowing and Financing - ARMOUR's borrowings are primarily in the form of repurchase agreements, with a significant portion of its aggregate borrowings (47.0% as of December 31, 2025) coming from a single counterparty, BUCKLER [80]. - As of December 31, 2025, BUCKLER provided approximately $8,426,540, or 47.0% of the company's repurchase financing [127]. - The company maintains active repurchase financing arrangements with 22 different counterparties, including BUCKLER, to mitigate reliance on a single source of financing [133]. - The company has committed to provide on-demand subordinated loans to BUCKLER, totaling up to $200,000 through March 20, 2027, and an additional $50,000 through February 28, 2028 [130]. Management and Fees - The management fee structure for ACM is based on gross equity raised, which totaled $5,366,343 as of December 31, 2025, leading to an effective contractual management fee rate of 0.89% [114]. - ARMOUR's management fees do not decline with reductions in total stockholders' equity, which may lead to significant fees even during periods of total comprehensive loss [115]. - The management agreement allows ACM to terminate its service with 180 days' notice, and no termination fee is due from ACM [99]. - The management agreement with ACM will automatically renew for an additional five-year term unless ARMOUR provides a 180-day written notice of non-renewal [120]. Investment Performance and Risks - Distributable Earnings is considered a key measure of ARMOUR's investment performance, although it is a non-GAAP measure and not standardized [122]. - Distributable Earnings is a key performance measure for the company, defined as net interest income plus TBA Drop Income adjusted for interest rate swaps minus net operating expenses [123]. - The company may incur permanent equity losses if forced to sell MBS at distressed prices during market distress [74]. - ARMOUR's reliance on derivatives for risk management may not fully protect against interest rate risks, potentially leading to financial losses [71]. Conflicts of Interest and Governance - There are potential conflicts of interest in allocating investment opportunities among ARMOUR and other funds managed by ACM [105]. - The company is subject to conflicts of interest due to its relationship with ACM and its affiliates, which could affect decisions made in the best interest of stockholders [136]. - The management agreement limits ACM's liability, which could result in poor performance or losses for which ACM would not be liable [100]. REIT Compliance and Taxation - The company must dispose of a portion of its assets within 30 days after the end of the calendar quarter if it fails to comply with REIT tax requirements to avoid losing its REIT status [151]. - To maintain REIT qualification, at least 75% of the company's gross income must be derived from real estate-related sources and at least 75% of its assets must consist of cash, government securities, and qualified REIT real estate assets [157]. - The company may face substantial tax liabilities if it fails to qualify as a REIT, which could reduce cash available for distribution to stockholders [154]. - Changes in tax laws or regulations by the U.S. Congress or IRS could retroactively affect the company's ability to qualify as a REIT [152]. Cybersecurity and Technology Risks - ARMOUR has established an IT Security Committee (ITSC) to oversee cybersecurity measures and mitigate technology risks [206]. - The ITSC engages third-party service providers for regular audits and threat assessments to ensure cybersecurity strategies align with industry best practices [207]. - The ITSC conducts quarterly assessments of key third-party providers to manage risks associated with cybersecurity threats [208]. - The Audit Committee monitors cybersecurity risks and reviews policies and procedures to ensure effective governance [210]. - The ITSC implements advanced security measures and has a defined incident response plan for potential cybersecurity incidents [213].

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: 000-22339 RAMBUS INC. (Exact name of registrant as specified in its charter) Delaware 94-3112828 (State or other juris ...

Land and Resource Management - Texas Pacific Land Corporation owns approximately 882,000 surface acres of land and approximately 224,000 net royalty acres, primarily concentrated in the Permian Basin[12][23]. - Revenue from the Land and Resource Management segment for 2025 was $490.7 million, representing 62% of consolidated revenue, with oil and gas royalties contributing $411.7 million, or 52% of total revenue[28]. - Oil production volumes increased to 4,936 MBbls in 2025, up from 4,118 MBbls in 2024, while natural gas production rose to 23,359 MMcf from 17,074 MMcf in the same period[29]. - The company completed several acquisitions in 2025, including 17,306 net royalty acres for $450.7 million and 8,147 acres of land for $31.4 million[20]. - The realized price for oil in 2025 was $64.69 per barrel, down from $75.80 in 2024, while natural gas realized prices increased to $1.73 per Mcf from $1.17[29]. - The company has identified 5.6 net well permits and 9.8 net drilled but uncompleted (DUC) wells as potential candidates for further development[31]. - A three-for-one stock split of common stock was executed on December 22, 2025, with trading adjusted accordingly from December 23, 2025[18]. - Approximately 40% of 2025 revenue was derived from three investment-grade rated customers, indicating a high concentration of business with reliable operators in the Permian Basin[43]. - The company has interests in over 11,346 gross productive wells, consisting of 8,959 oil wells and 2,387 natural gas wells, as of December 31, 2025[133]. - The total Assigned Royalty Interests and acquired royalty interests amount to 224,057 NRA as of December 31, 2025, with 5,308 from Assigned Royalty Interests and 185,369 from acquired interests[125]. Water Services and Operations - Water Services and Operations segment revenue for 2025 was $307.464 million, representing 38% of consolidated revenue, up from $265.030 million in 2024 and $199.490 million in 2023[36]. - Water sales in 2025 reached $169.701 million, a 12.6% increase from $150.724 million in 2024, and produced water royalties increased to $124.218 million from $104.123 million[37]. - The total volume of water sales in 2025 was 278,564 MBbls, while produced water royalties amounted to 1,566,588 MBbls, reflecting a significant increase from previous years[37]. - The company has invested $45.5 million in developing an energy-efficient desalination and treatment process for produced water, with $33.6 million spent in 2025 alone[39]. - A new desalination test facility with an initial capacity of 10,000 barrels per day is under development, expected to be completed by the end of the first half of 2026[39]. - The company has spent $24.9 million in 2025 to enhance water sourcing assets, reinforcing its competitive position in the market[40]. - The company has maintained zero spills of produced water for three consecutive years (2023-2025), highlighting its commitment to environmental safety[51]. Financial Performance - Total revenues for the year ended December 31, 2025, were $798.2 million, an increase of 13.1% compared to $705.8 million for 2024[175]. - Net cash provided by operating activities was $545.9 million for the year ended December 31, 2025, compared to $490.7 million for 2024, reflecting an increase of 11.4%[168]. - Oil and gas royalty revenue increased by 10.3% to $411.7 million for the year ended December 31, 2025, from $373.3 million in 2024[179]. - Cash flows used in investing activities were $595.8 million for the year ended December 31, 2025, compared to $471.7 million for 2024, representing a 26.3% increase[170]. - Operating income for the year ended December 31, 2025, was $592.2 million, compared to $539.1 million for 2024, an increase of 9.8%[175]. - The company paid total dividends of $147.8 million for the year ended December 31, 2025, compared to $347.3 million in 2024[173]. - Free cash flow for the year ended December 31, 2025, was $498.3 million, an increase from $461.1 million in 2024[201]. - Adjusted EBITDA for the year ended December 31, 2025, was $687.4 million, compared to $610.7 million in 2024[201]. Environmental and Regulatory Considerations - The company continues to explore opportunities in renewable energy and environmental sustainability, leveraging its extensive land and resource assets[15]. - The company’s ESG strategy emphasizes sustainability and responsible resource management, with ongoing initiatives to reduce emissions and enhance operational efficiency[48]. - The business is subject to government regulations that may increase costs and impact operations, particularly in response to environmental concerns[70]. - Negative public opinion regarding water treatment operations could lead to operational delays and increased regulatory scrutiny[73]. - The company’s revenues are influenced by natural and environmental conditions, which can disrupt operations and financial results[101]. Cybersecurity and Risk Management - The company has invested significantly in cybersecurity measures, aligning with the NIST Cybersecurity framework, to mitigate risks[106]. - The company has established a risk management framework that includes annual risk assessments and collaboration with third-party security experts[107]. - The company employs a multi-tiered approach to manage cybersecurity risks, involving a Director of Information Technology and a third-party Chief Information Security Officer (CISO)[119]. - The Audit Committee receives quarterly updates on IT and cybersecurity, including key risk indicators and management's steps to control cybersecurity risk exposure[118]. - Cyber incidents targeting the company's systems or those of its partners may adversely impact operations and reputation[83]. Market and Competitive Landscape - Demand for TPWR's products and services is heavily reliant on customer expenditures for oil and gas exploration, which can fluctuate based on oil and gas prices[65]. - The company faces risks in a rapidly evolving market, competing with numerous local companies and larger diversified competitors[66]. - The company’s business could be negatively affected by major industry trends such as decarbonization and shifts in energy demand[102]. - The average monthly horizontal permits in the Permian Basin decreased to 581 in 2025 from 654 in 2024, while average monthly horizontal wells drilled fell to 457 from 504[153]. - The average weekly horizontal rig count in the Permian Basin decreased to 257 in 2025 from 296 in 2024[153]. Capital Structure and Investments - The company entered into a revolving credit facility of up to $500 million, with the ability to request increases of up to $250 million, maturing on October 23, 2029[17]. - The Credit Facility imposes covenants that may limit operational flexibility and requires maintaining a consolidated interest coverage ratio of at least 3.0 to 1.0[77]. - The company has a stock repurchase program approved for up to $250.0 million, with $8.4 million spent to repurchase 27,000 shares in 2025[88]. - The company made a minority investment of $50 million in Bolt to develop large-scale data center campuses, receiving equity interest and a right of first refusal for water supply[79]. - As of December 31, 2025, the company had cash and cash equivalents of $144.8 million, with a target cash balance of approximately $700 million[156].

Financial Performance - Quarterly revenue for Q4 2025 was $217.5 million, representing a 72% increase year-over-year from $126.5 million in Q4 2024[3] - Annualized recurring revenue (ARR) reached $841 million as of December 31, 2025, up 77% from $475 million as of December 31, 2024[4] - Adjusted EBITDA for Q4 2025 was $74.1 million, an increase of 78% from $41.7 million in Q4 2024, with an adjusted EBITDA margin of 34.1%[3] - Non-GAAP gross profit for Q4 2025 was $172.2 million, equating to a 79.2% non-GAAP gross margin, compared to 78.8% in Q4 2024[3] - The net loss for Q4 2025 was $12.5 million, while non-GAAP net income increased to $44.4 million, a 30.7% rise from $33.9 million in Q4 2024[3] - Revenue for Q4 2025 reached $217,457,000, a 72% increase from $126,465,000 in Q4 2024[21] - Gross profit for the year ended December 31, 2025, was $492,148,000, up from $328,816,000 in 2024, representing a 50% increase[21] - Net income for Q4 2025 was $(12,525) thousand, a decrease of 6% compared to $420,305 thousand in Q4 2024, which represented a 332% increase year-over-year[26] - Adjusted EBITDA for Q4 2025 was $74,072 thousand, reflecting a 34% increase from $41,683 thousand in Q4 2024, which was a 33% increase year-over-year[26] - Non-GAAP income from operations for the year ended December 31, 2025, was $248.190 million, up from $145.674 million in 2024, indicating a growth of 70%[31] - Non-GAAP net income for the year ended December 31, 2025, was $154.653 million, compared to $117.427 million in 2024, representing a 32% increase[31] Cash Flow and Expenses - Operating cash flows for Q4 2025 were $55.3 million, enabling the repayment of $17 million of debt[1] - Operating expenses for Q4 2025 totaled $152,964,000, compared to $91,685,000 in Q4 2024, reflecting a 67% increase[21] - Research and development expenses for the year ended December 31, 2025, were $196,228,000, up from $150,558,000 in 2024, a 30% increase[21] - Research and development expenses for Q4 2025 were $57.009 million, compared to $40.904 million in Q4 2024, marking a 39% increase[30] - The company reported interest expense of $15,162 thousand in Q4 2025, which was 7% of total revenue, compared to $1,069 thousand in Q4 2024, which was only 1% of total revenue[26] - The company incurred transaction expenses of $17,508 thousand in Q4 2025, representing 8% of total revenue, compared to $6,382 thousand in Q4 2024, which was 5% of total revenue[26] - The company’s depreciation and amortization expenses for Q4 2025 were $29,489 thousand, accounting for 14% of total revenue, compared to $3,451 thousand in Q4 2024, which was 3% of total revenue[26] Client and Market Metrics - The gross revenue retention rate was 98% as of December 31, 2025, indicating strong client retention[4] - CWAN has over 2,500 clients, with 152 generating ARR of more than $1 million, showcasing significant client base expansion[7] Assets and Liabilities - Total assets as of December 31, 2025, were $3,031,929,000, significantly higher than $1,169,572,000 as of December 31, 2024[19] - Total liabilities increased to $1,000,837,000 in 2025 from $139,341,000 in 2024[19] - Cash and cash equivalents decreased to $91,245,000 in 2025 from $177,350,000 in 2024[19] - Total stockholders' equity attributable to Clearwater Analytics increased to $2,021,732,000 in 2025 from $1,008,255,000 in 2024[19] Acquisition and Strategic Initiatives - The company announced a proposed acquisition valued at approximately $8.4 billion, with stockholders set to receive $24.55 per share upon completion[8] - The company integrated AI capabilities into its Beacon platform, enhancing model validation and risk insights for institutional investors[7]

SiriusPoint Ltd. Financial Supplement December 31, 2025 (UNAUDITED) This financial supplement is for informational purposes only. It should be read in conjunction with documents filed with the Securities and Exchange Commission by SiriusPoint Ltd., including the Company's Annual Report on Form 10-K. Point Building Liam Blackledge - Investor Relations and Strategy Manager 3 Waterloo Lane Tel: + 44 203 772 3082 Pembroke HM 08 Email: investor.relations@siriuspt.com Bermuda Website: www.siriuspt.com SiriusPoint ...

Financial Performance - ARMOUR's total economic return for 2025 was 12.79%, with Q4 2025 total economic return at 10.63%[4] - GAAP net income available to common stockholders was $208.7 million, or $1.86 per common share[5] - Distributable Earnings available to common stockholders were $79.8 million, representing $0.71 per common share[5] - Net income for Q4 2025 reached $211.7 million, compared to $159.3 million in Q3 2025, indicating strong financial performance[19] - The company reported a net income per common share of $1.86 in Q4 2025, an increase from $1.49 in Q3 2025[19] Investment Portfolio - The investment portfolio grew by approximately 60% in 2025, deploying $878 million in capital to acquire mortgage-backed securities (MBS)[4] - The portfolio totaled $20.0 billion, with 97.0% in Agency MBS and 3.0% in U.S. Treasury Securities[5] - Economic interest income for Q4 2025 was $236.5 million, up from $210.2 million in Q3 2025, reflecting growth in interest-earning assets[21] - The average yield on agency securities was 5.01% in Q4 2025, slightly down from 5.08% in Q3 2025[21] Shareholder Equity - Book value per common share increased by 6.5% to $18.63 compared to $17.49 at September 30, 2025[5] - Total stockholders' equity rose to $2.261 billion from $1.361 billion year-over-year[12] Liquidity and Debt - Liquidity, including cash and unencumbered securities, was $1.2 billion[5] - The debt to equity ratio was 7.94:1, with implied leverage of 8.07:1[5] Earnings and Dividends - Net interest income for Q4 2025 was $50.4 million, up from $38.5 million in Q3 2025, reflecting a significant increase[19] - Distributable earnings available to common stockholders increased to $79.8 million in Q4 2025 from $75.3 million in Q3 2025[19] - ARMOUR paid monthly cash dividends of $0.24 per share for common stock in Q4 2025, maintaining consistent dividend payments[23] Share Count - The weighted average common shares outstanding increased to 112,243,115 in Q4 2025 from 104,572,250 in Q3 2025[19] Expenses - ARMOUR's total expenses after fees waived were $14.0 million in Q4 2025, compared to $13.3 million in Q3 2025[19]

Reserves and Production - The company's proved reserves as of December 31, 2025, include 1,824 million barrels of oil, 5,842 million barrels of NGL, and 3,788 billion cubic feet of natural gas in the United States, totaling 2,162 million barrels of oil equivalent (Boe) [32] - Internationally, the company holds 338 million barrels of oil, 303 million barrels of NGL, and 2,117 billion cubic feet of natural gas, contributing to a total of 1,150 million Boe [32] - The total sales volumes for the company reached 266 million barrels of oil equivalent, with 226 million from the United States and 40 million from international operations [32] Midstream Operations - The midstream and marketing segment operates with a capacity of 2.2 Bcf/d in Texas, New Mexico, and Colorado, and 5.8 Bcf/d through equity investments in WES [36] - The company's midstream operations include a pipeline capacity of 3.2 Bcf/d in Qatar, UAE, and Oman, enhancing its market access [36] Environmental Initiatives - The company is developing the STRATOS facility, which aims to capture up to 500,000 tons of CO2 per annum, with operations expected to begin in 2026 [35] - The company has five CO2 sequestration hubs under development across over 310,000 acres in Texas and Louisiana [36] - The evolving regulatory environment regarding carbon emissions and climate change could increase costs and reduce demand for the Company's products [54] - The Company may incur additional operating and maintenance costs due to air emissions regulations, which could affect its ability to conduct oil and gas development activities [54] Financial Performance - Total revenues for 2025 were $22,075 million, a decrease of 0.5% from $22,195 million in 2024 [336] - Net income attributable to common stockholders for 2025 was $1,647 million, down 30.7% from $2,377 million in 2024 [336] - Basic earnings per share from continuing operations for 2025 was $1.38, a decline of 41.5% compared to $2.36 in 2024 [336] - Comprehensive income for 2025 was $2,392 million, down from $2,982 million in 2024, a decrease of 19.7% [339] - The company plans to continue focusing on cost management and operational efficiency to improve profitability in the upcoming fiscal year [336] Debt and Cash Flow - The total long-term debt amounted to $20.427 billion, with a weighted-average interest rate of 6.05% [306] - Cash and cash equivalents decreased to $1.968 billion in 2025 from $2.125 billion in 2024 [331] - The Company has fixed rate debt with a fair value of $19.4 billion outstanding as of December 31, 2025, with a 25-basis point change in Treasury rates potentially impacting the fair value by approximately $300 million [304] - The Company also has variable rate debt with a notional value of $1.3 billion, where a 25-basis point increase in SOFR interest rates would increase gross interest expense by $3.0 million per year [304] Operational Risks - The company's financial results are significantly influenced by volatile commodity pricing, which can impact cash flows and operational decisions [38] - The Company faces risks from government actions, regulatory changes, and political, economic, and social instability that may adversely affect operations and results [44] - The Company's offshore operations are particularly vulnerable to severe weather events, which can disrupt operations and increase costs [52] - The Company’s operational hazards include risks from catastrophic events, which could lead to significant financial losses and operational disruptions [49] - The Company must manage risks related to sourcing essential inputs like water and sand, which could disrupt operations and increase costs if supply is restricted [70] Tax and Legal Matters - The company reported a potential tax liability of approximately $2.3 billion related to the Anadarko Tronox settlement, pending a U.S. Tax Court decision [41] - Changes in U.S. and international tax laws, including a 15% corporate alternative minimum tax and a 1% excise tax on net share repurchases, could impact the Company's effective tax rate and financial condition [45] Asset Management - The company recorded depreciation and depletion expense related to proved oil and gas properties of $7.1 billion for the year ended December 31, 2025 [318] - The company’s oil and gas property value increased to $126.896 billion in 2025 from $121.874 billion in 2024 [331] - The balance of capitalized exploratory well costs at the end of 2025 was $366 million, up from $262 million in 2024, with additions of $409 million in 2025 [370] - The Company performed impairment tests on proved properties whenever events indicated that the carrying value may not be recoverable, with significant declines in commodity prices being a key factor [373] Cybersecurity and Compliance - The Company is exposed to cybersecurity risks that could disrupt operations or compromise sensitive information, potentially impacting financial results [76] - The Company is subject to extensive health, safety, and environmental laws, which could lead to significant compliance costs and operational restrictions [53] Acquisitions and Divestitures - The Company completed the sale of OxyChem to Berkshire Hathaway for $9.7 billion, resulting in an estimated gain of $3.2 billion, net of taxes [437] - The acquisition of CrownRock in 2024 was for a total consideration of $12.4 billion, including $9.4 billion in cash and $1.2 billion in assumed debt [426] - The success of acquisitions and divestitures may not deliver anticipated benefits and could disrupt current operations, affecting the Company's financial condition [74]