Property Ownership and Acquisitions - As of December 31, 2025, Simon Property Group owned or held interests in 212 income-producing properties in the U.S., including 108 malls and 70 Premium Outlets[27]. - Simon Property Group acquired the remaining 12% interest in The Taubman Realty Group on October 31, 2025, completing the TRG Acquisition[28]. - The company holds a 22.2% equity stake in Klépierre SA, a publicly traded real estate company in Europe[27]. - Simon increased its ownership interest in TRG from 80% to 100% by issuing a total of 8,278,193 units in the Operating Partnership[56]. - The company owns interests in 110 income-producing properties with other parties, of which 22 properties are included in its consolidated financial statements[131]. - The company has a 100% interest in two luxury outlet destinations in Italy, The Mall Luxury Outlets Firenze and The Mall Luxury Outlets Sanremo[200]. - The company has significant lease expirations scheduled through 2036, with 680 leases expiring, covering 3,408,311 square feet, and an average base minimum rent of $69.85 per square foot, contributing 2.9% to annual rental revenues[195]. Financial Structure and Debt - The Operating Partnership has a $5.0 billion unsecured revolving credit facility and a $3.5 billion supplemental unsecured revolving credit facility, with covenants limiting total debt to 65% of total assets[33]. - The Credit Facility can be increased by up to $1.0 billion, bringing the total to $6.0 billion, with an initial maturity date of June 30, 2027[36]. - Borrowings under the Credit Facility bear interest based on the corporate credit rating, currently at SOFR plus 70.0 basis points[37]. - The Supplemental Facility's initial borrowing capacity of $3.5 billion may be increased to $4.5 billion, with an initial maturity date of January 31, 2029[38]. - As of December 31, 2025, the company's consolidated mortgages and unsecured indebtedness totaled $28.6 billion, which significantly limits cash flow available for business growth[123]. - The total amount of unsecured notes is $8,250,000,000, with various maturities and interest rates ranging from 1.13% to 6.98%[223]. - The interest rate for the Revolving Credit Facility is 4.12% with a face value of $460,000,000 and annual debt service of $18,973,000, maturing on 06/30/28[223]. Operational Performance and Risks - The retail real estate industry is highly competitive, with Simon facing competition from various merchandise distribution channels and internet retailing[49]. - The company faces risks from tenant bankruptcies, vacant spaces, and competition from e-commerce, which could materially affect its operations[71]. - The company derives a significant portion of its lease income from overage rents based on tenant sales, making it vulnerable to declines in tenant performance[74]. - Macroeconomic conditions, including inflation and geopolitical events, could adversely impact consumer spending and retail demand[75]. - The company may experience difficulties in leasing new or redeveloped properties, affecting occupancy levels and rental rates[82]. - Increased competition from e-commerce and changing consumer preferences could negatively impact physical retail operations[84]. - Tenant bankruptcies could lead to lease terminations, impacting rental income and necessitating costly re-tenanting efforts[79]. Sustainability and Environmental Impact - Simon Property Group aims to reduce scope 1 and scope 2 greenhouse gas emissions by 68% from a 2019 baseline by 2035[213]. - The company has achieved a 20% reduction in water usage from a 2013 baseline and set a new target to reduce water for comparable centers by 15% by 2030, with a base year of 2022[214]. - The Governance and Nominating Committee of the Board oversees sustainability policies, while the Audit Committee manages annual disclosures of sustainability programs[215]. - Simon Property Group was awarded a Green Star rating for sustainability performance from 2014 to 2025[216]. Cybersecurity and Regulatory Compliance - The company has developed a cybersecurity risk management program to protect critical systems and information, integrating it with the overall enterprise risk management program[151]. - The Audit Committee oversees the cybersecurity risk management program and receives regular updates on cybersecurity risks and incidents[152]. - The company has not identified any known cybersecurity threats that have materially affected its operations or financial condition[151]. - The regulatory environment surrounding information security and privacy is increasingly demanding, with potential for governmental investigations and penalties[143]. Tenant and Lease Information - As of December 31, 2025, there are 3,156 leases expiring in U.S. malls and Premium Outlets, covering 10,840,848 square feet, with an average base minimum rent of $55.63 per square foot, contributing 8.7% to annual rental revenues[195]. - The inline stores and freestanding month-to-month leases total 957, covering 3,221,378 square feet, with an average base minimum rent of $63.60 per square foot, accounting for 3.0% of annual rental revenues[195]. - The average base minimum rent for leases expiring in 2030 is $75.60 per square foot, representing 7.1% of annual rental revenues[195]. International Operations - International activities accounted for approximately 2.3% of consolidated net income and 9.7% of net operating income (NOI) for the year ended December 31, 2025[146]. - The company holds a 50% interest in five operating joint venture properties in South Korea, with similar stakes in properties across Japan, Mexico, Malaysia, Thailand, Indonesia, and Canada[201]. - The total gross leasable area for the international properties is summarized in the property tables, which do not include equity investment in Klépierre[202]. - The ten Japanese Premium Outlets comprise over 3.9 million square feet of GLA and were 99.9% leased as of December 31, 2025[201].

Regulatory and Compliance - Southwest Gas filed a general rate case in California in September 2024, requesting rates effective January 1, 2026[38]. - California's legislation requires Southwest Gas to comply with the GHG Emissions Reporting Program and aims to reduce GHG emissions to 40% below 1990 levels by 2030, with an extension to 2045[64]. - Southwest Gas successfully met its three-year compliance obligation ending in 2023 by surrendering a sufficient number of allowances and carbon offsets[66]. - In December 2025, the CPUC conditionally approved Southwest Gas' purchasing agreement for RNG supplies, which was filed for approval on July 28, 2025[67]. Market and Supply - For the 2025/2026 heating season, firm fixed-price physical commodity purchases ranged from approximately $4.02 to approximately $5.37 per dekatherm[44]. - Southwest Gas acquired natural gas from 44 suppliers in 2025, ensuring competitive pricing and reliability in its supply portfolio[41]. - The natural gas market has shown stability in 2024 and 2025, with prices competitive compared to other energy forms[52]. - The company has limited market area storage services availability, impacting its operational flexibility[49]. Infrastructure and Capacity - Southwest Gas operates a 233,000 dekatherm above-ground LNG regasification facility in southern Arizona to enhance service reliability[50]. - Great Basin, a subsidiary of Southwest Gas, is undertaking an expansion project to increase system capacity and better serve customer demand[59]. Energy Initiatives and Sustainability - Southwest Gas is actively involved in energy efficiency initiatives and supports renewable energy efforts in response to state policies[57]. - The company does not anticipate any material adverse impact on operating margin from fuel switching or alternative energy initiatives over the near term[57]. - Southwest Gas is committed to providing safe, reliable, sustainable, and affordable natural gas service while supporting renewable initiatives and the use of RNG and CNG as transportation fuels[61]. - In 2025, Southwest Gas held a public hearing for its 2024 hydrogen blending application in California to establish a hydrogen injection standard[61]. - The company is actively working with California natural gas distribution companies to meet requirements for incorporating RNG produced from diverted waste into its gas supply portfolios[67]. Workforce and Culture - The average tenure of Southwest Gas employees is approximately 11 years, contributing to knowledge transfer and succession processes[73]. - As of December 31, 2025, Southwest Gas had 2,453 regular full-time equivalent employees, emphasizing the importance of a skilled workforce for safety performance and customer satisfaction[73]. - Southwest Gas is committed to a culture of continuous improvement in operations and efficiency, with safety metrics forming part of incentive compensation programs for leaders[72]. Financial Impact - The California Climate Credit, implemented in October 2018, represents a return of auction proceeds, updated annually and distributed each April, with no expected direct impact on earnings[66].

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 Exact name of registrant as specified in its charter; State or other jurisdiction of incorporation or organization; Address of principal ...

Exhibit 99.1 For the quarter ended Dec. 31, 2025, Pinnacle West reported consolidated net income attributable to common shareholders of $15.4 million, or $0.13 per diluted share, compared with a net loss of $6.8 million, or a loss of $0.06 per diluted share, for the same period in 2024. The higher 2025 full-year results reflect an increase of about $8 million, primarily as a result of increased customer usage, customer growth and related pricing; higher transmission revenues; and impacts of the 2022 rate ca ...

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 Commission file number 001-06714 Graham Holdings Company (Exact name of registrant as specified in its charter) Delaware 53-0182885 (State or other jurisdiction of incorporation or organization) (I.R.S. Em ...

Page 1 • Net income available to common stockholders was $60.2 million, or $0.70 per diluted share, compared to $129.2 million, or $1.37 per diluted share. Excluding inventory-related charges of $11.8 million, our net income available to common stockholders was $68.4 million*, or $0.80* per diluted share. • Home sales revenue for the quarter was $945.9 million compared to $1.2 billion ◦ New home deliveries of 1,364 homes compared to 1,748 homes ◦ Average sales price of homes delivered of $693,000 compared t ...

Southwest Gas Holdings, Inc. Reports Fourth Quarter and Full-Year 2025 Financial Results $300M Utility Net Income and $284M Adjusted Net Income Exceeded Top End of 2025 Net Income Guidance Range Delivered 8.3% Adjusted Utility ROE and Adjusted Utility Earnings Growth of ~8.7% Year-over-Year Utility 2025 FFO/Debt of 18.6% - SWX and SWG S&P Credit Ratings Each Upgraded to BBB+ 4% Increase in Common Stock Dividend Approved by Board of Directors Initiated 2026 and Forward-Looking EPS and Rate Base Guidance Metr ...

Financial Performance - Achieved record annual revenue of $3 billion for fiscal year 2025, a 13% increase compared to 2024[4] - Fourth quarter revenue reached $858.6 million, a 20% increase year-over-year, with gross profit of $80.5 million, up 13.2%[4] - Base revenue for the year was $2.943 billion, an 18% increase from 2024, with base gross profit of $234 million, representing a 35% increase[7] - Total revenue for the fiscal year ended December 28, 2025, was $2,982,781,000, an increase from $2,637,229,000 in the previous year, representing a growth of 13.1%[41] - Base revenue for the fiscal three months ended December 28, 2025, was $855,067,000, compared to $667,369,000 for the same period in 2024, reflecting a year-over-year increase of 28.1%[41] - Gross profit for the fiscal year ended December 28, 2025, was $246,566,000, compared to $220,672,000 in 2024, indicating an increase of 11.7%[43] - Adjusted EBITDA for the fiscal year ended December 28, 2025, was $249.0 million, compared to $238.2 million for the previous year, reflecting a growth of approximately 4.0%[38] - Adjusted EBITDA Margin for the fiscal year ended December 28, 2025, was 8.3%, compared to 9.0% for the previous year[38] - Net income for the fiscal year ended December 28, 2025, was $22.7 million, compared to a net loss of $6.8 million for the previous year[38] - Adjusted Net Income for the fiscal year ended December 28, 2025, was $39.0 million, compared to $26.2 million for the previous year, indicating a significant increase[38] - Adjusted diluted earnings per share for the fiscal year ended December 28, 2025, was $0.43, up from $0.32 in the previous year, marking a 34.4% increase[41] Bookings and Backlog - Secured total bookings of $4.5 billion for 2025, with a book-to-bill ratio of 1.5x, exceeding the target of 1.1x[10] - Expanded backlog to $5.9 billion, a 59% increase year-over-year, with a $13 billion opportunity pipeline[11] - The company expects that year-end 2025 backlog and 2026 year-to-date bookings will provide over 85% of its 2026 Base Revenue at the mid-point of guidance[20] - The company aims to achieve a book-to-bill ratio of 1.1x to 1.2x in 2026[20] Debt and Cash Flow - Net debt to adjusted EBITDA ratio improved to 2.5x from 3.6x year-over-year[8] - The net debt as of December 28, 2025, was $627,594,000, down from $849,202,000 in the previous year, showing a reduction of 26.0%[46] - Free Cash Flow is defined as cash flow from operations less net capital expenditures, indicating the cash available for the company after capital purchases[29] - Net cash provided by operating activities decreased to $78,121 from $158,230, a decline of approximately 50.7% year-over-year[49] - Free cash flow for the fiscal year ended December 28, 2025, was $35,749,000, compared to $68,855,000 in the previous year, reflecting a decrease of 48.0%[43] - The net increase in cash and cash equivalents was $79,040, compared to an increase of $15,612 in the prior year[49] Capital Expenditures and Investments - Management anticipates net capital expenditures of $75 to $90 million in 2026[14] - Capital expenditures were $86,325, down from $99,333, reflecting a reduction of about 13.5%[49] - The company reported proceeds from long-term debt borrowings of $242,936, with no previous comparable figure available[49] Other Financial Metrics - The company recognized a $23.7 million increase in deferred tax assets allocable to it due to a change in Southwest Gas Holdings' estimate of 2025 taxable income[34] - The total assets as of December 28, 2025, were $2,407,706,000, an increase from $2,074,390,000 in the previous year, representing a growth of 16.0%[46] - The trailing twelve-month adjusted EBITDA for the fiscal year ended December 28, 2025, was $249,015,000, compared to $238,226,000 in 2024, an increase of 4.5%[46] - The net cash flow provided by operating activities for the fiscal three months ended December 28, 2025, was $83,890,000, compared to $60,998,000 in the same period last year, representing a growth of 37.4%[43] - Proceeds from public offerings and private placements totaled $250,923, compared to $327,667, indicating a decrease of approximately 23.4%[49] - Net cash used in investing activities was $88,204, slightly down from $89,375, a decrease of about 1.3%[49] - Net cash provided by financing activities increased to $88,758 from a net cash used of $52,619, marking a significant turnaround[49] - Cash, cash equivalents, and restricted cash at the end of the period rose to $128,059 from $49,019, an increase of approximately 161.5%[49] - Principal payments on long-term debt increased to $364,680 from $318,668, reflecting a rise of about 14.5%[49] - The effects of foreign exchange translation contributed $365, contrasting with a loss of $624 in the previous period[49]

Exhibit 99.1 4Q 2025 Results February 25, 2026 Investor Contact (52) 818-328-6167 investor@femsa.com.mx femsa.gcs-web.com Media Contact (52) 555-249-6843 comunicacion@femsa.com.mx femsa.com HIGHLIGHTS Monterrey, Mexico, February 25, 2026 — Fomento Económico Mexicano, S.A.B. de C.V. ("FEMSA") (NYSE: FMX; BMV: FEMSAUBD, FEMSAUB) announced today its operational and financial results for the fourth quarter of 2025. Please refer to page 13 for our definition of "comparable" and a description of the factors affec ...

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: 001-07434 Aflac Incorporated (Exact name of registrant as specified in its charter) | Georgia | | 58-1167100 | | | --- | --- | --- | --- ...