Financial Performance - Net income available to common shareholders for 2025 was $30.4 million, a 95.53% increase from $15.5 million in 2024, with diluted EPS rising to $3.72 from $1.91[285][288] - Noninterest income for 2025 was $13.1 million, an increase of $997,000 or 8.2% from $12.1 million in 2024, primarily due to higher mortgage banking income and service fees on deposit accounts[329] - Total noninterest expenses for 2025 were $75.5 million, a $2.2 million increase from $73.3 million in 2024, mainly due to a $1.3 million rise in compensation and benefits[332] - Income tax expense for 2025 was $9.2 million, with an effective tax rate of 23.3%, compared to $4.4 million and 22.0% in 2024[336] - Total shareholders' equity increased to $368.7 million in 2025, up from $330.4 million in 2024, primarily due to net income of $30.4 million[380] Asset and Liability Management - Total assets increased to $4.40 billion as of December 31, 2025, up from $4.09 billion in 2024, representing a growth of 7.73%[283] - Total deposits rose to $3.72 billion in 2025, an increase of 8.18% from $3.44 billion in 2024[288] - The loan-to-deposit ratio was 103% as of December 31, 2025, down from 106% in 2024[367] - Cash and cash equivalents amounted to $269.6 million, or 6.1% of total assets, as of December 31, 2025[374] - The bank has unused borrowing capacity from the FHLB of $836.5 million as of December 31, 2025[376] Loan and Credit Quality - Total loans outstanding increased to $3.85 billion as of December 31, 2025, from $3.63 billion in 2024, reflecting a growth of $213.4 million[345] - The allowance for credit losses was $42.3 million as of December 31, 2025, with a ratio of allowance for credit losses to total loans at 1.10%[288] - Nonperforming assets to total loans increased to 0.37% in 2025 from 0.30% in 2024, indicating a slight deterioration in asset quality[288] - The provision for credit losses for 2025 was $3.0 million, compared to $125,000 in 2024 and $1.3 million in 2023, reflecting a $213.4 million increase in loan growth[320] - Nonaccrual loans were 0.36% of gross loans as of December 31, 2025, compared to 0.30% in 2024, with total nonaccrual loans increasing by $3.0 million during the year[354] Interest Income and Expense - Net interest income for 2025 reached $105.0 million, a 29.2% increase from $81.2 million in 2024, driven by a decrease in interest expense and an increase in interest income[301] - Interest income for 2025 was $211.5 million, an increase from $201.2 million in 2024 and $177.6 million in 2023, with 93.7% of this income derived from loans[302] - Interest expense decreased to $106.5 million in 2025 from $120.0 million in 2024, primarily due to repricing of the deposit portfolio in response to declining market interest rates[303] - The net interest margin improved to 2.57% in 2025, compared to 2.06% in 2024, reflecting better management of earning assets[288] - The net interest spread improved to 1.76% in 2025, compared to 1.16% in 2024, reflecting a 60 basis point increase driven by a decrease in the cost of interest-bearing liabilities[314] Capital and Risk Management - The total risk-based capital ratio was 12.89% as of December 31, 2025, indicating a strong capital position relative to risk-weighted assets[288] - Tier 1 capital ratio was 11.61% as of December 31, 2025, exceeding the minimum requirement of 8%[386] - The bank maintained a total capital ratio of 12.85% as of December 31, 2025, above the required 10%[386] - The company actively manages interest rate risk through asset/liability management to minimize adverse impacts on earnings from market interest rate changes[395] - Market risk primarily arises from interest rate risk, with minimal exposure to foreign currency exchange rate risk and commodity price risk[394] Deposits and Funding - Retail deposits reached $3.16 billion, accounting for 85.1% of total deposits, while brokered deposits were $552.9 million, or 14.9% of total deposits[367] - Total deposits increased to $3.57 billion in 2025, up 2.68% from $3.44 billion in 2024[369] - Core deposits were $2.88 billion, $2.66 billion, and $2.81 billion at December 31 for 2025, 2024, and 2023, respectively[369] - Average transaction account balances rose by $81.2 million, or 3.2%, while average time deposit balances increased by $48.2 million, or 5.4%[369] - Commitments under letters of credit were $20.4 million as of December 31, 2025, up from $16.2 million in 2024[392]

Financial Performance Risks - The company reported a significant increase in credit losses in its loan portfolios, which may adversely affect earnings [26] - The company may experience increased funding costs due to potential future reductions in credit ratings [26] - The company anticipates fluctuations in market interest rates could negatively impact performance due to changes in the yield curve [25] Operational Risks - The company is exposed to risks from operational failures, including cyber-attacks, which could affect customer experience and financial performance [27] - The company is subject to various operational risks, including fraud or theft, which may adversely affect business results [31] Competitive Landscape - The company faces competition from decentralized finance platforms and cryptocurrencies, which could disrupt its business model [29] Regulatory Environment - The company is subject to extensive governmental regulation, which may adversely impact operations and business model [36] Geographic Concentration - The company is concentrated in the South, Midwest, and Texas, making it vulnerable to adverse economic changes in these regions [29] Acquisition Risks - The company may not be able to complete future acquisitions or realize benefits from completed acquisitions [37] Risk Management - The company relies on the mortgage secondary market to manage various risks associated with its loan portfolio [27]

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 _____________ The Williams Companies, Inc. Transcontinental Gas Pipe Line Company, LLC Northwest Pipeline LLC (Exact Name of Registrant as Specifi ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) For the transition period from to Commission File No. 1-13079 RYMAN HOSPITALITY PROPERTIES, INC. (Exact Name of Registrant as Specified in Its Charter) (State or Other Jurisdiction of Incorporation or Organization) One Gaylord Drive, Nashville, Tennessee 37214 (Address of Principal Executive Offices) (Zip Code) Delaware 73-0664379 (I.R.S. Employer Identification No.) Registrant's Telephone Number, ...

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 - 1-11353 LABCORP HOLDINGS INC. (Exact name of registrant as specified in its charter) | Delaware | 99-2588107 | | --- | --- | | (Stat ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K Commission File Number: 001-36002 Clearway Energy, Inc. (Exact name of registrant as specified in its charter) Delaware 46-1777204 (State or other jurisdiction of incorporation or organization) 300 Carnegie Center, Suite 300 Princeton New Jersey 08540 (Address of principal executive of ices) (Zip Code) | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | | --- | --- | --- | | Class A Common S ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K Commission File Number: 001-36002 Clearway Energy, Inc. (Exact name of registrant as specified in its charter) Delaware 46-1777204 (State or other jurisdiction of incorporation or organization) 300 Carnegie Center, Suite 300 Princeton New Jersey 08540 (Address of principal executive of ices) (Zip Code) (609) 608-1525 (Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act ...

Table of Contents TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the 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 period from to Commission file number 001-13908 Invesco Ltd. (Exact Name of Registrant as Specified in Its Charter) (State or Other Jurisdiction of Incorpora ...

Financial Performance - As of December 31, 2025, the company had cash and cash equivalents of €1,599 million, an increase from €1,180 million as of December 31, 2024[500]. - For the year ended December 31, 2025, the company reported revenue of €19,628 million, up from €19,336 million in 2024[503]. - Net cash provided by operating activities for 2025 was €2,681 million, representing 13.7% of revenue, an increase from 12.3% in 2024[503]. - Free cash flow for 2025 was €1,782 million, which is 9.1% of revenue, compared to 8.8% in 2024[503]. - The company's net debt as of December 31, 2025, was €9,196 million, down from €9,803 million in 2024[501]. - The net leverage ratio improved to 2.5 in 2025 from 2.9 in 2024[501]. - Capital expenditures in 2025 amounted to €899 million, accounting for approximately 5% of total revenue[512]. - The company anticipates capital expenditures between €0.8 billion and €1.0 billion in 2026, focusing on organic growth and new production facilities[516]. - The company utilized €1,403 million in net cash for financing activities in 2025, primarily for debt repayment and share buybacks[518]. - Days Sales Outstanding (DSO) improved to 59 days as of December 31, 2025, down from 63 days in 2024[507]. - The total dividend payments for 2025, 2024, and 2023 were €423 million, €349 million, and €329 million, respectively[522]. - As of December 31, 2025, the company had available liquidity sources totaling €3.307 billion, including a syndicated credit facility of €2 billion and other unused lines of credit of €1.307 billion[525]. - Total assets decreased by 8% to €31.0 billion as of December 31, 2025, from €33.6 billion in 2024, primarily due to a 9% negative impact from foreign currency translation[530]. - The equity ratio decreased to 46% at December 31, 2025, compared to 47% in 2024, driven by a decrease in shareholders' equity and treasury stock purchases[531]. - The return on invested capital (ROIC) increased to 5.0% at December 31, 2025, from 3.5% in 2024, due to higher operating income and reduced costs related to Legacy Portfolio Optimization[531]. - The company plans to propose a dividend of €1.49 per share for 2025, resulting in an expected total payment of approximately €416 million[528]. - The principal financing needs for 2026 include bond repayments and share repurchases, expected to be covered by cash flow and existing credit facilities[529]. Research and Development - The global R&D strategy focuses on developing innovative products and therapies for renal care, including digital health solutions and AI-supported care models[539]. - In 2025, the Renal Research Institute undertook several R&D initiatives aimed at enhancing patient care through personalized and precision medicine[541]. - The Clinical Research team supported commercialization efforts, including clinical trials and collaborations with start-ups to promote innovation[540]. - In 2025, over 15,300 U.S.-based patients utilized the NxStage portable HHD system, an increase from more than 14,500 in 2024, driven by the introduction of the FDA-approved GuideMe software[554]. - The multiFiltratePRO acute dialysis machine study enrolled 31 patients across ten U.S. clinics, confirming safety and effectiveness, with registration submission for the citrate solution expected in December 2025[545]. - The introduction of the 5008X CAREsystem with HVHDF in the U.S. marks a significant innovation milestone, with initial therapies conducted in 2025 and a commercial launch planned for 2026[560][561]. - Approximately 58,000 therapy prescription programs were delivered remotely in 2025, with over 7.7 million patient treatments digitally transmitted[558]. - The Renal Research Institute's AI applications aim to enhance precision nutrition strategies and improve home dialysis adoption through predictive modeling[549]. - The CE mark for hemoperfusion mode of the multiFiltratePRO platform was obtained in 2025, expanding its capabilities for ICU staff[570]. - Fresenius Medical Care's digitalization efforts focus on therapy data management systems and improving workflow efficiency for healthcare professionals[565]. - The company aims to reduce environmental impact by optimizing the material consumption of its 5008 bloodline portfolio and introducing PVC-free Biofine® foil for dialysate bags[567][572]. - The MFT PRO Adult Study confirmed the performance and safety of the multiFiltratePRO device for continuous kidney replacement therapy, meeting KDIGO targets[546]. - The company strengthened global research partnerships in 2025, enhancing innovation in kidney care through initiatives like the MONDO International Network[550]. - The Apheresis Pathogen Reduction Device (APRΞD) received CE MDR certification in August 2024, with commercial launch planned for January 2026[573]. - Fresenius Kidney Care's R&D expenditure was €158 million in 2025, down from €183 million in 2024, representing 4% of healthcare product revenue[580][583]. - The total number of patents held by the company decreased to 7,890 in 2025 from 9,529 in 2024, with 67 additional patent families produced in 2025[580][583]. - The company doubled its manufacturing capacity and output for heart and lung business in 2025, enhancing supply reliability for extracorporeal life support systems[575]. - The successful regulatory approval of synchronized cardiac support therapy in 2025 represents a significant advancement in ECMO therapy, improving patient outcomes[576]. - The Ready4 multiFiltratePRO AR training application was expanded in 2025 to enhance clinician education with immersive 3D models and dynamic visuals[574]. - The ReferralReady program launched in 2023 aims to streamline the transplant referral process, improving efficiency and increasing patient placements on the kidney transplant waitlist[578][579]. - As of December 31, 2025, the company employed 1,488 R&D staff, an increase from 1,384 in 2024, with over 940 based in Europe[581][583]. - The semi-automated workflow of the ReferralReady program saves dialysis social workers two hours of administration per referral, enhancing their capacity to assist patients[584]. - The Xenios 2.0 console, launched in April 2025, improves connectivity for multiFiltratePRO devices, streamlining data management for healthcare providers[577]. Management and Governance - Ms. Sara Hennicken appointed as Chief Financial Officer of Fresenius SE on September 1, 2022, with prior experience in investment banking and corporate finance[598]. - Mr. Martin Fischer became Chief Financial Officer of the Company on October 1, 2023, previously Head of Finance for Siemens Healthineers' Diagnostics division[611]. - Dr. Jörg Häring appointed to the Management Board responsible for Legal, Compliance, and Human Resources as of June 1, 2024, with extensive experience in legal and compliance roles[613]. - Ms. Helen Giza serves as Chief Executive Officer and Chair of the Management Board, previously held key positions at Takeda Pharmaceuticals and Management AG[610]. - Mr. Craig Cordola appointed as Chief Executive Officer of Care Delivery as of January 1, 2024, with nearly 30 years of experience in the healthcare industry[612]. - Dr. Marcus Kuhnert served as Chief Financial Officer of Merck KGaA until June 30, 2023, bringing significant experience in finance and procurement[600]. - Ms. Pascale Witz has held executive positions at Sanofi S.A. and GE Healthcare, currently serving as president of PWH Advisors[602]. - Mr. Shervin J. Korangy has extensive experience in healthcare and investment, currently a senior advisor to TPG Inc.[599]. - The Management Board members are appointed for a maximum term of five years, with a standard retirement age of 65[609]. - The Company has a diverse Supervisory Board with members from various sectors, enhancing strategic oversight and governance[604]. Compensation and Performance Targets - The overall target achievement for the short-term variable compensation component (STI) for the fiscal year was between 56.01% and 101.58%[624]. - The target achievement for revenue growth in 2023 was reported at 5.5%, with a target of 0.3%[627]. - Net income growth for 2023 was reported at (25.2)%, with a target of (25.9)%[627]. - The return on invested capital (ROIC) for 2023 was adjusted to 2.7%, with a target of 2.8%[627]. - The target achievement for the allocation made in 2023 under the Management Board Long-Term Incentive Plan (MB LTIP 2020) will be determined based on performance in fiscal years 2023, 2024, and 2025[625]. - The compensation system for Management Board members was approved by the Company's 2024 AGM with a majority of 87.58% of the votes cast[636]. - The FME Reignite strategy was implemented in the fiscal year, maintaining the existing compensation system[633]. - Compensation for Management Board members remained unchanged compared to the previous year[632]. - The Company reported a significant adjustment of €71 million and €45 million for operating income and net operating profit after tax, respectively, for the fiscal year 2023 due to one-time costs related to the FME25+ program[629]. - The Management Board members' compensation is designed to align with the Company's strategic objectives and long-term value creation[622]. - The target total direct compensation for the fiscal year 2025 consists of 29% base salary, 31% Short-Term Incentive (STI), and 40% Long-Term Incentive (LTI) for Management Board members[644]. - The STI target amount for fiscal year 2025 is set at a multiplier of 1.05, while the LTI allocation amount is set at a multiplier of 1.35 for all Management Board members[644]. - The maximum compensation for the Chairperson of the Management Board (CEO) is €12,000 K or $12,975 K, while the maximum for the Care Delivery segment CEO is €9,500 K or $10,272 K[660]. - The total compensation of each Management Board member is capped at 150% for STI and 400% for LTI allocations[655][656]. - The compensation structure includes a significant performance-based component, with 71% of the target total direct compensation being performance-based[646]. - The LTI allocation amount for the Chairperson can range from 105% to 200% of the base salary, while for other members it ranges from 105% to 150%[643]. - The Supervisory Board conducts both horizontal and vertical comparisons to ensure the appropriateness of the compensation system[651][653]. - The compensation awarded or due in the fiscal year includes fixed and variable components, with fixed components comprising base salary, fringe benefits, and pension commitments[666][667]. - The Supervisory Board has the authority to withhold or reclaim variable compensation in cases of misconduct or non-compliance[663]. - There were no instances in the fiscal year that warranted the use of caps or maximum compensation adjustments by the Supervisory Board[665]. - The short-term incentive (STI) target amount for fiscal year 2025 is set at 105% of the base salary for each Management Board member[673]. - The STI is based on four performance targets: 20% revenue, 40% operating income, 20% net income, and 20% sustainability-related performance[677]. - For the fiscal year, the group revenue target was €19,399 million, with actual revenue reported at €19,628 million, achieving 126.96% of the target[685]. - The operating income target for the group was €2,136 million, with actual reported income of €1,827 million, achieving 69.80% of the target[685]. - The net income target was set at €1,199 million, with actual net income reported at €978 million, achieving 53.44% of the target[685]. - The sustainability target for the STI achieved an overall score of 115%, with "Patient Satisfaction" at 120% and "Employee Satisfaction" at 110%[694]. - The Net Promoter Score (NPS) for "Patient Satisfaction" was set at a target of 71, with an actual score of 73[691]. - The Global Employee Engagement Score (GEES) target was set at 65, with an actual score of 66[693]. - The STI is paid out in cash in the year following the year of target achievement[678]. - The financial performance targets are adjusted for certain effects to ensure comparability with operational performance[681].

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 Name of Registrant; State or Other Jurisdiction of Incorporation; Address of Principal IRS Employer | | | | File Number Executive Offices; a ...