Financial Metrics - Contribution Profit on home sales is a non-GAAP financial measure that excludes valuation adjustments and includes holding and selling costs[50]. - The company has a total outstanding balance of $1.1 billion on asset-backed debt, with 91% at a fixed rate and 9% at a floating rate, indicating exposure to interest rate fluctuations[488]. - Total property financing interest expense for the year ended December 31, 2025, was $102 million, with $89 million being fixed and $13 million floating[488]. Market Opportunity - The U.S. housing market has over four million residential real estate transactions annually, with approximately 99% of these transactions remaining offline, indicating a significant opportunity for digital solutions[86]. - The company aims to capture over 4% market share in multiple markets, with deeper penetration in its oldest market cohorts over time[79]. Technology and Innovation - The company collects over 150 unique data points on average regarding a home's condition and quality, which feeds into its pricing algorithms[54]. - The company’s AI-powered pricing engine enables data-driven decisions across a large portfolio of homes, optimizing pricing and sell-through velocity[60]. - The company utilizes proprietary systems that integrate AI models and data across the home transaction lifecycle, enhancing operational efficiency and decision-making[91]. - The company’s technology platform allows for a primarily digital experience, enabling quick responses to changing market conditions[70]. - The company’s inventory management systems ensure properties remain clean and well-maintained, maximizing resale probability and transaction velocity[77]. - The company’s technology portfolio includes pricing systems, home assessment tools, and consumer-facing applications, which facilitate digital transactions for buyers and sellers[93]. Marketing and Brand Recognition - Over 20% of sellers in the company's 21 oldest markets have previously entered their home address on Opendoor.com, indicating strong brand recognition[52]. - The marketing strategy utilizes a diversified, multichannel approach powered by proprietary data and analytics to optimize customer acquisition efficiency[82]. Operational Structure - The company has established a network of over 450 trade partners to complete inspections and repairs, improving efficiency and reducing costs[76]. - As of December 31, 2025, the company employed 1,042 individuals, with 858 based in the United States, and none represented by a labor organization[88]. - The company holds real estate brokerage licenses in 44 states and the District of Columbia, and its mortgage subsidiary holds a mortgage license in Colorado as of February 13, 2026[102]. - The company has 11 trademark registrations and 13 patent registrations as of December 31, 2025, reflecting its commitment to protecting intellectual property[96]. Regulatory Environment - The company is subject to various federal, state, and local regulations, which may impact its operations and compliance costs[100]. Economic Factors - The Federal Reserve's interest rate increases in 2022 and 2023 have contributed to higher mortgage rates, affecting home affordability and potentially leading to lower transaction volumes[490].

ReposiTrak Second Quarter Fiscal 2026 Revenue Increases 7% to $5.9 Million; Earnings Per Share Increases 13% Q2 Operating Income Increases 34% to $1.8 Million, or 31% Operating Margin; Net Income to Common Shareholders Increases 13% to $1.6 Million Salt Lake City, UT – February 17, 2026 –ReposiTrak (NYSE: TRAK), the world's largest food traceability and regulatory compliance network, built upon its proven inventory management and out-of-stock reduction SaaS platform, today announced financial results for th ...

Exhibit 99.1 ReposiTrak Second Quarter Fiscal 2026 Revenue Increases 7% to $5.9 Million; Earnings Per Share Increases 13% Q2 Operating Income Increases 34% to $1.8 Million, or 31% Operating Margin; Net Income to Common Shareholders Increases 13% to $1.6 Million Salt Lake City, UT – February 17, 2026 –ReposiTrak (NYSE: TRAK), the world's largest food traceability and regulatory compliance network, built upon its proven inventory management and out-of-stock reduction SaaS platform, today announced financial r ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-K (Mark One) þ 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 o 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 0-422 MIDDLESEX WATER COMPANY (Exact name of registrant as specified in its char ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) x 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 o 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 001-42012 UL Solutions Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of inc ...

Exhibit 99.1 World Kinect Corporation Reports Fourth Quarter and Full Year 2025 Results; Substantially Completes the Strategic Repositioning of the Land Segment Provides Full Year 2026 Outlook MIAMI—February 19, 2026—World Kinect Corporation (NYSE: WKC) today reported financial results for the fourth quarter and full year 2025. Fourth Quarter 2025 Highlights Fourth Quarter 2025 – Goodwill and Other Asset Impairments and Restructuring Full Year 2025 Highlights "2025 marked the beginning of a strategic transf ...

ANNUITIES & LIFE F&G Investor Update Winter 2025 Disclaimer & Forward-Looking Statements This presentation contains forward-looking statements that are subject to known and unknown risks and uncertainties, many of which are beyond our control. Some of the forward-looking statements can be identified by the use of terms such as "believes". "expects", "may", "will", "could", "seeks", "intends", "plans", "estimates", "anticipates" or other comparable terms. Statements that are not historical facts, including s ...

Financial Performance - Opendoor's Q4 2025 revenue was $736 million, a decrease of 32.2% from $1,084 million in Q4 2024[7] - The company reported a net loss of $1,096 million in Q4 2025, compared to a net loss of $113 million in Q4 2024[7] - Revenue for Q4 2025 was $736 million, a decrease of 19.6% from $915 million in Q3 2025[18] - The company reported a net loss of $1.3 billion for the year ended December 31, 2025, compared to a net loss of $392 million in 2024[24] - Adjusted Net Loss for the year ended December 31, 2025, was $(1,300) million, compared to $(392) million for the year ended December 31, 2024[38] - The company reported a net loss of $(1,096) million for the three months ended December 31, 2025, compared to a net loss of $(113) million for the same period in 2024[38] Inventory and Sales - Homes purchased increased by 46% quarter-over-quarter, with 1,706 homes acquired in Q4 2025[3] - Homes sold in Q4 2025 totaled 1,978, down from 2,568 in Q3 2025[18] - Homes purchased in Q4 2025 were 1,706, an increase from 1,169 in Q3 2025[18] - Homes in inventory at the end of Q4 2025 were 2,867, down from 3,139 in Q3 2025[18] - The company sold 11,791 homes in 2025, with a Contribution Profit per Home Sold of $13,000[33] Profitability Metrics - Gross profit for Q4 2025 was $57 million, resulting in a gross margin of 7.7%[18] - Contribution profit for Q4 2025 was $7 million, with a contribution margin of 1.0%[18] - The contribution margin for Q4 2025 was 1.0%, down from 3.5% in Q4 2024[7] - Adjusted Gross Profit for the year ended December 31, 2025, was $344 million, with an Adjusted Gross Margin of 7.9%[33] - Contribution Profit for the same period was $150 million, with a Contribution Margin of 3.4%[33] Future Projections - Opendoor aims to achieve breakeven Adjusted Net Income by the end of 2026[12] - The company expects a revenue decrease of approximately 10% quarter-over-quarter for Q1 2026[12] - Adjusted EBITDA loss for Q1 2026 is projected to be in the low to mid $30 million range[12] Cash Flow and Assets - Net cash provided by operating activities was $1.049 billion in 2025, a significant improvement from a cash outflow of $595 million in 2024[24] - Cash, cash equivalents, and restricted cash at the end of the period totaled $1.301 billion, up from $763 million at the beginning of the period[24] - Total current assets decreased to $2,299 million in Q4 2025 from $2,997 million in Q4 2024[22] - Total liabilities decreased to $1,402 million in Q4 2025 from $2,413 million in Q4 2024[22] Non-GAAP Measures - The company reported an Adjusted EBITDA loss, which is a non-GAAP measure, to assess underlying financial performance[34] - The company emphasizes the importance of non-GAAP financial measures for evaluating operational performance and making financial decisions[25] - Adjusted EBITDA for the year ended December 31, 2025, was $(142) million, with an Adjusted EBITDA Margin of (2.8)%[38] - The company’s Adjusted EBITDA improved to $23 million for the three months ended March 31, 2025, compared to $(30) million for the same period in 2024[38] Expenses and Adjustments - The company incurred $159 million in stock-based compensation in 2025, compared to $114 million in 2024[24] - Stock-based compensation expenses for the year ended December 31, 2025, totaled $114 million, compared to $56 million in 2024[38] - The company incurred restructuring costs of $17 million for the year ended December 31, 2025[38] - The loss on extinguishment of debt for the three months ended December 31, 2025, was $933 million[38] - Inventory valuation adjustments for the current period amounted to $21 million for the three months ended June 30, 2025[38]

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 1-2328 GATX Corporation (Exact name of registrant as specified in its charter) (State or Other Jurisdiction of incorporation or Organization) (I.R.S. Employer Identification No.) Ind ...

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