UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(B) OR 12(G) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended September 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF ...

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 0-25150 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 28, 2025 STRATTEC SECURITY CORPORATION (Exact Name of Registrant as Specified in Its Charter) Wisconsin 39-1804239 (State of Incorporation) (I. ...

Table of Contents 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 1-11846 AptarGroup, Inc. Delaware 36-3853103 265 EXCHANGE DRIVE, SUITE 301, CRYSTAL LAKE, IL 60014 815-477-0424 Securities ...

Financial Instruments and Liabilities - As of December 31, 2025, the fair value of cross currency swap agreements was a net liability of $32.2 million, with a 100-basis-point change in interest rates and foreign currency exchange rates potentially impacting the net aggregate market value by approximately $6.4 million[261]. - The company has limited involvement with derivative financial instruments and does not use them for trading purposes[260]. Taxation - The valuation allowance for deferred tax assets was $68.1 million as of December 31, 2025, based on management's estimates of future taxable income[264]. - The effective tax rate could be materially affected by changes in assumptions or estimates, with an increase of $10.5 million in tax expense raising the effective tax rate by 1% based on earnings before taxes of $1.0 billion for the year ended December 31, 2025[266]. - The company plans to repatriate earnings from multiple countries, expecting additional tax costs associated with non-U.S. withholding taxes and U.S. taxes on currency gains[265]. Pension Obligations - The net periodic pension cost for the U.S. pension plan in 2025 was $1.6 million, while the projected benefit obligation was $99.1 million[267]. - The weighted average return on assets assumption for the U.S. pension plan was 6.75% for 2025, with a 1% change impacting annual benefit plan expense by approximately $10.4 million after tax[269]. - The discount rate assumption for the U.S. pension plan was 5.0% for 2025, with a 1% change impacting annual benefit plan expense by approximately $8.9 million after tax[270]. Goodwill and Intangible Assets - Goodwill on the consolidated balance sheet as of December 31, 2025, was $739.2 million, with other intangible assets totaling $278.9 million[271]. - The company evaluates goodwill and indefinite-lived intangible assets annually for impairment, with no impairment indicated to date[275].

Revenue and Profit - Revenue for 2025 was $17.68 billion, an increase of $2.04 billion or 13.0% compared to 2024, driven by higher demand in the Analog segment [110]. - Gross profit for 2025 was $10.08 billion, up $989 million or 10.9%, with a gross profit margin of 57.0%, down from 58.1% [111]. - Operating profit for 2025 was $6.02 billion, or 34.1% of revenue, compared to $5.47 billion or 34.9% in 2024 [113]. - Embedded Processing revenue increased by 6% to $2.70 billion, while operating profit decreased by 14% to $304 million due to higher costs [118]. - Analog segment revenue increased by 15% to $14.01 billion, with operating profit rising by 17% to $5.41 billion [117]. - Revenue for 2025 reached $17,682 million, a 13% increase from $15,641 million in 2024 [130]. Cash Flow - Cash flow from operations was $7.15 billion, an increase of $835 million, representing strong operational performance [122]. - Free cash flow for 2025 was $2.94 billion, accounting for 16.6% of revenue [106]. - Cash flow from operations (GAAP) for 2025 was $7,153 million, up from $6,318 million in 2024, representing a 13.2% increase [130]. - Free cash flow (non-GAAP) increased to $2,938 million in 2025, compared to $1,498 million in 2024, marking a 96.5% growth [130]. - Cash flow from operations as a percentage of revenue (GAAP) was 40.5% in 2025, slightly up from 40.4% in 2024 [130]. - Free cash flow as a percentage of revenue (non-GAAP) improved to 16.6% in 2025 from 9.6% in 2024 [130]. - The company received $335 million from CHIPS Act incentives in 2025, contributing to its cash flow [130]. Capital Expenditures and Acquisitions - The company plans to spend approximately $2 billion to $3 billion in capital expenditures for 2026, down from a six-year elevated cycle [124]. - The company announced an agreement to acquire Silicon Labs for $231.00 per share, totaling an enterprise value of approximately $7.5 billion, expected to close in the first half of 2027 [127]. Currency and Interest Rate Risks - A hypothetical 10% fluctuation in non-U.S. currency exchange rates could result in a pretax currency exchange gain or loss of approximately $5 million [136]. - As of December 31, 2025, the company had forward currency exchange contracts with a notional value of $675 million to hedge net balance sheet exposures [137]. - A hypothetical 100 basis point increase in interest rates would decrease the fair value of cash equivalents and short-term investments by about $11 million [139]. - The fair value of long-term debt would decrease by $969 million due to a 100 basis point increase in interest rates, although cash flows associated with long-term debt remain unaffected [139].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________________ Form 10-Q ________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2025 or Maryland 27-2631712 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 700 South Kansas Avenue, Topeka, Kansas 66603 (Address of principal executive of ices) (Zip Code) ☐ TRANSIT ...

Revenue and Financial Performance - In 2025, the company generated total freight revenues of $23.2 billion, with Bulk shipments accounting for 33%, Industrial shipments for 37%, and Premium shipments for 30% of total revenues[35][37][40]. - Total operating revenues for 2025 reached $24.51 billion, a slight increase from $24.25 billion in 2024 and $24.12 billion in 2023[271]. - Freight revenues accounted for $23.22 billion in 2025, up from $22.81 billion in 2024 and $22.57 billion in 2023[271]. - Net income for 2025 was $7.14 billion, compared to $6.75 billion in 2024 and $6.38 billion in 2023, reflecting a year-over-year growth of 5.8%[271]. - Earnings per share (EPS) for 2025 was $12.00, an increase from $11.10 in 2024 and $10.47 in 2023[271]. - Other income increased to $629 million in 2025, up from $350 million in 2024, contributing positively to overall financial performance[271]. - Comprehensive income for 2025 was $7.27 billion, an increase from $6.64 billion in 2024, driven by improved net income and other comprehensive income factors[272]. - Total assets increased to $69.698 billion in 2025 from $67.715 billion in 2024, representing a growth of 2.9%[274]. - Total operating expenses decreased to $14.66 billion in 2025 from $14.54 billion in 2024, indicating improved cost management[271]. - Cash provided by operating activities was $9.290 billion in 2025, slightly down from $9.346 billion in 2024[275]. Employee and Safety Metrics - The company employed an average of 29,287 employees in 2025, with a retention rate of 89%[43][53]. - The personal injury rate improved by 24% to 0.68, and the derailment incident rate improved by 19% to 1.75 in 2025 compared to 2024[48]. - The median annual compensation for all employees (excluding the CEO) was $107,889 as of December 31, 2025[52]. Environmental and Safety Initiatives - The company is committed to reducing greenhouse gas emissions, with freight rail being three to four times more fuel-efficient than trucks, thus contributing to lower scope 3 GHG emissions for customers[64]. - The company maintains a comprehensive security plan and has achieved accreditation under CALEA for law enforcement standards[55]. - The company collaborates with various government agencies and trade associations to enhance safety and security measures across its operations[58][63]. Capital Investments and Shareholder Returns - Capitalized costs to properties in 2025 were $3.9 billion, reflecting significant investment in asset management and expansion[265]. - Dividends paid increased to $3.236 billion in 2025 from $3.213 billion in 2024, a rise of 0.7%[275]. - Share repurchase programs totaled $2.694 billion in 2025, up from $1.505 billion in 2024, reflecting an increase of 78.9%[275]. - The company has authorized the repurchase of up to 100 million shares of common stock by March 31, 2028, with 6.1 million shares repurchased as of December 31, 2025[416]. - The average price paid for shares repurchased in 2025 was $227.20, with a total of 11.9 million shares repurchased[417]. - The company paused its share repurchase program due to the pending acquisition of Norfolk Southern[416]. Debt and Liabilities - Total liabilities increased to $51.231 billion in 2025 from $50.825 billion in 2024, a rise of 0.8%[274]. - Total debt as of December 31, 2025, was $31.814 billion, an increase from $31.192 billion in 2024[394]. - The fair value of total debt at December 31, 2025, was estimated at $26.5 billion, approximately $5.3 billion less than the carrying value[393]. - The company maintained an adjusted debt-to-EBITDA coverage ratio allowing for up to $47.7 billion of debt, with $33.5 billion outstanding as of December 31, 2025[396]. Pension and Employee Benefits - The projected benefit obligation (PBO) for pension plans decreased to $3.275 billion in 2025 from $3.513 billion in 2024, while the fair value of plan assets increased to $3.978 billion from $4.068 billion[333]. - The funded status of the pension plans improved to $703 million in 2025 from $555 million in 2024[334]. - The net periodic pension cost for 2025 was a benefit of $14 million, compared to a cost of $3 million in 2024 and no cost in 2023[339]. - Cash contributions to the non-qualified pension plan were $33 million in 2025, slightly up from $32 million in 2024[341]. - The accumulated benefit obligation (ABO) for all defined benefit pension plans was $3.2 billion as of December 31, 2025[336]. Taxation and Compliance - Total income tax expense for 2025 was $2,028 million, a slight decrease from $2,047 million in 2024[363]. - Federal taxes for 2025 amounted to $1,925 million, maintaining an effective tax rate of 21.0% consistent with previous years[364]. - Unrecognized tax benefits at December 31, 2025, were $27 million, down from $32 million in 2024, indicating a reduction in potential tax benefits[367]. Environmental Liabilities - The company has identified 343 sites for potential environmental remediation costs, with ongoing monitoring costs included in the environmental liability[413]. - Environmental liability has an ending balance of $259 million as of December 31, 2025, with accruals of $70 million during the year[414].

Revenue Growth - Total revenues increased from $377.0 million for the three months ended December 31, 2024 to $416.1 million for the three months ended December 31, 2025, representing a 10% year-over-year increase [88]. - Total revenues for the three months ended December 31, 2025, increased by $39.3 million, or 10.4%, to $416.1 million from $376.9 million for the same period in 2024 [112]. - Recurring and other revenue accounted for 92% and 93% of total revenues for the three months ended December 31, 2024 and 2025, respectively [96]. - Recurring and other revenue for the six months ended December 31, 2025, increased by $85.0 million, or 12%, to $765.8 million from $680.8 million for the same period in 2024 [123]. Profitability Metrics - Adjusted Gross Profit for the three months ended December 31, 2025 was $309.5 million, up from $278.2 million in the same period of 2024, reflecting a year-over-year increase of 11% [92]. - Adjusted EBITDA for the three months ended December 31, 2025 was $142.7 million, compared to $126.2 million for the same period in 2024, indicating a year-over-year increase of 13% [93]. - Operating income for the three months ended December 31, 2025, increased by $23.8 million, or 51%, to $70.4 million from $46.6 million for the same period in 2024 [112]. - Net income for the three months ended December 31, 2025, increased by $12.7 million, or 33.9%, to $50.2 million from $37.5 million for the same period in 2024 [112]. - Gross profit margin improved from 67% for the three months ended December 31, 2024, to 68% for the same period in 2025 [115]. Expenses - Sales and marketing expenses are expected to continue increasing in absolute dollars as the company grows its sales organization and expands marketing activities [102]. - Sales and marketing expenses for the three months ended December 31, 2025, increased by $4.9 million, or 5%, to $98.1 million from $93.1 million for the same period in 2024 [116]. - Research and development expenses for the three months ended December 31, 2025 totaled $76.4 million, up from $73.4 million in the same period of 2024 [105]. - Research and development expenses for the three months ended December 31, 2025, increased by $1.6 million, or 3%, to $57.7 million from $56.2 million for the same period in 2024 [117]. - General and administrative expenses rose by $4.9 million, or 5%, to $109.5 million for the six months ended December 31, 2025, from $104.7 million in 2024 [129]. Cash Flow and Investments - Net cash provided by operating activities was $203.5 million for the six months ended December 31, 2025, up from $145.7 million in 2024 [147]. - Net cash used in investing activities decreased significantly to $27.5 million for the six months ended December 31, 2025, compared to $301.0 million in 2024 [148]. - Net cash provided by financing activities increased to $2,403.7 million for the six months ended December 31, 2025, from $835.5 million in 2024, primarily due to a net change in client fund obligations [150]. - Capital expenditures were $7.2 million for the six months ended December 31, 2025, compared to $5.3 million in 2024, excluding capitalized internal-use software costs [153]. Taxation - The effective tax rate for the three months ended December 31, 2025, was 28.5%, up from 20.0% for the same period in 2024 [121]. - The effective tax rate increased to 32.3% for the six months ended December 31, 2025, compared to 24.8% in 2024, primarily due to stock-based compensation shortfalls and state and local income taxes [131][132]. Market and Economic Conditions - Inflation has not had a material effect on the company's business, but significant inflationary pressures could harm its financial condition and results of operations [162]. - The company does not anticipate significant impacts on operations from hypothetical changes of 100 basis points in interest rates [161]. Financial Position - As of December 31, 2025, the company had $162.5 million in cash and cash equivalents and a $550.0 million revolving credit facility [138]. - The company maintains a revolving credit facility of $550.0 million, which can be increased to $825.0 million, with $81.3 million in borrowings outstanding as of December 31, 2025 [161]. - As of December 31, 2025, the company had cash and cash equivalents of $162.5 million and funds held for clients amounting to $5,510.2 million [157]. Interest Rate Exposure - Interest income on funds held for clients is generated from advance collections for payroll and related services, contributing to overall revenue [98]. - Interest income on funds held for clients for the three months ended December 31, 2025, was flat at $29.2 million compared to $29.3 million for the same period in 2024 [114]. - An immediate 100-basis point increase in interest rates would decrease the market value of available-for-sale securities by $12.6 million, while a decrease of 100 basis points would increase the market value by $13.0 million [159]. - Interest rates applicable to the credit facility are variable, exposing the company to market risk from changes in underlying index rates [161]. - The company has not recorded any credit impairment losses on its portfolio to date [158]. - The investment policy focuses on generating higher yields while preserving liquidity and capital, exposing the company to interest rate changes [157]. - Fluctuations in the value of available-for-sale securities are recorded in other comprehensive income and realized only upon sale [160].

Financial Performance - Banco Bradesco reported a net income of R$23.9 billion for 2025, representing a year-over-year increase of 36.4%[16] - Net income for 2025 reached R$23,924,636, a significant increase of 36.2% compared to R$17,542,153 in 2024[78] - Total comprehensive income for 2025 was R$24,979,324, compared to R$14,131,735 in 2024, showing an increase of 76.5%[78] - Basic earnings per common share improved to R$2.13 in 2025, up from R$1.55 in 2024, reflecting a growth of 37.4%[76] - Net interest income rose to R$73,269,592 in 2025, a 8.6% increase from R$67,454,564 in 2024[76] - Fee and commission income increased to R$31,073,646 in 2025, up 9.2% from R$28,336,487 in 2024[76] - The insurance services result improved to R$11,331,343 in 2025, up from R$8,942,260 in 2024, indicating a growth of 26.7%[76] Asset and Liability Management - Total assets increased to R$2,330,327,216 in 2025, up from R$2,069,484,362 in 2024, representing a growth of 12.6%[75] - Total liabilities increased to R$2,151,378,586 in 2025, compared to R$1,900,541,870 in 2024, marking a rise of 13.2%[75] - Deposits from customers increased to R$721,274,151 in 2025, up 12.0% from R$644,338,463 in 2024[75] - Total deposits amounted to R$728.0 billion, reflecting a 12.2% increase year-over-year[17] Capital and Equity - The bank's Tier I capital ratio improved to 13.2%, up by 0.8% from the previous year[16] - The organization employed 82,095 individuals, maintaining a stable representation of women in leadership roles at 18.2%[32] - The company acquired treasury shares amounting to R$222,621 thousand in 2025, reflecting a strategic move to manage equity[81] - Interest on equity payments totaled R$14,499,273 thousand in 2025, consistent with the company's commitment to return value to shareholders[81] Technology and Innovation - The implementation of technology initiatives led to a 43% reduction in lead time and a 118% increase in productivity in product deliveries[18] - The bank's digital platform BIA Clients achieved an 87% resolution rate in chat interactions, enhancing customer service efficiency[19] - The company was awarded the Gold category in the Digital Transformation Brazil Award for its case on AI and customer centrality[71] Social Responsibility and Sustainability - Bradesco allocated R$381.9 billion to socio-environmental sectors, surpassing its goal of R$350 billion by 109% for the 2021-2025 period[37] - In 2025, Bradesco invested R$1.4 billion in social projects, with R$1.2 billion for activity expenses and R$258 million for infrastructure and educational technology[65] - Over 42,000 students will benefit from Bradesco's school network, which spans from early childhood education to high school and technical professional education[66] - Bradesco's sustainability efforts have been recognized in major national and international indexes, including the Dow Jones Sustainability Index[39] - The company has established Ecora, a carbon credit certification initiative, to enhance Brazil's carbon market infrastructure[38] Market Position - The bank's market value stood at R$178.7 billion as of the end of 2025[16] - Bradesco's shares accounted for 3.9% of Ibovespa as of December 31, 2025, indicating strong market presence[50] - Bradesco Asset Management was recognized as the best fund manager for the sixth time, highlighting its leadership in the investment sector[68] Regulatory Compliance and Governance - The organization is listed in Level 1 of Corporate Governance of B3, reflecting its commitment to good governance practices[46] - The consolidated financial statements were approved by the Board of Directors on February 04, 2026, indicating ongoing compliance with regulatory requirements[90] Financial Instruments and Risk Management - Financial assets are classified into three categories: measured at amortized cost, fair value through other comprehensive income (FVOCI), and fair value through profit or loss (FVTPL)[123] - Expected credit losses on loans and advances decreased from R$30,176,989 thousand in 2023 to R$28,677,857 thousand in 2025, indicating improved asset quality[83] - The Organization expects no credit losses for Brazilian government bonds over the next 12 months, indicating a strong credit risk assessment[160] - The effective interest rate method is used to recognize income from financial assets and costs from liabilities, incorporating all relevant transaction costs[167]

Financial Performance - Total net revenues decreased by 5.2% compared to the same period last year, with wholesale revenue down 6.4% and direct-to-consumer revenue down 3.9%[165]. - Apparel revenue decreased by 3.3%, footwear revenue decreased by 12.0%, and accessories revenue decreased by 2.5%[165]. - Net revenue decreased by 10.3% in North America, while it increased by 6.0% in EMEA, decreased by 5.1% in Asia-Pacific, and increased by 19.7% in Latin America[165]. - Net revenues for the three months ended December 31, 2025, decreased by $73.3 million, or 5.2%, to $1.3 billion compared to $1.4 billion in the same period of 2024[172]. - Net sales for the nine months ended December 31, 2025, decreased by $182.2 million, or 4.7%, to $3.7 billion from $3.9 billion in the same period of 2024[175]. - The company reported a net loss of $430.8 million for the three months ended December 31, 2025, compared to a net income of $1.2 million in the same period of 2024[171]. Cost and Expenses - Gross margin decreased by 310 basis points to 44.4%[165]. - Selling, general and administrative expenses increased by 4.2%[165]. - Selling, general and administrative expenses increased by $26.8 million, or 4.2%, during the three months ended December 31, 2025, compared to the same period in 2024[185]. - Selling, general and administrative expenses as a percentage of net revenues increased to 50.0% during the three months ended December 31, 2025, compared to 45.5% in 2024[185]. - Marketing and advertising costs decreased by $20.2 million or 12.6%, representing 10.5% of net revenues compared to 11.4% in the previous period[1]. - Other costs increased by $47.0 million or 9.8%, rising to 39.5% of net revenues from 34.1%[1]. - Restructuring charges for the three months ended December 31, 2025, amounted to $74.98 million, significantly higher than $13.95 million in the same period of 2024[186]. - Restructuring charges increased by $61.0 million during the three months ended December 31, 2025, a 437.7% increase compared to the same period in 2024[188]. Restructuring and Future Plans - The company approved a restructuring plan with an updated total of up to $255 million in pre-tax charges, including $107 million in cash-related charges and $148 million in non-cash charges[163]. - The restructuring plan is expected to be substantially complete by the end of Fiscal 2026[163]. - Anticipated negative impact of approximately $80 million to cost of goods sold in Fiscal 2026 due to increased tariffs, expected to impact gross profit by approximately 160 basis points[167]. - The company is focused on long-term growth through increased sales in apparel, footwear, and accessories, as well as expansion in direct-to-consumer and wholesale channels[162]. Cash Flow and Liquidity - Cash provided by operating activities increased by $114.2 million for the nine months ended December 31, 2025, driven by changes in working capital[237]. - As of December 31, 2025, the company had approximately $465 million in cash and cash equivalents[225]. - The company anticipates that cash on hand and cash from operations will be adequate to meet liquidity needs for at least the next twelve months[225]. - Cash flows used in investing activities increased by $574.5 million compared to the nine months ended December 31, 2024, with $601.2 million deposited into a restricted investment related to Senior Notes due 2026[238]. - Total capital expenditures for the nine months ended December 31, 2025, were $72.0 million, approximately 2% of net revenues, a decrease of $67.9 million from $139.9 million in the same period of 2024[239]. - Cash flows provided by financing activities increased by $514.9 million compared to the nine months ended December 31, 2024, including the issuance of $400 million of Senior Notes due 2030[240]. Debt and Compliance - The company issued $400 million in Senior Notes due 2030, bearing interest at a fixed rate of 7.25% per annum, payable semi-annually starting January 15, 2026[254]. - The company is required to maintain a consolidated EBITDA to consolidated interest expense ratio of not less than 3.50 to 1.0, and total indebtedness to consolidated EBITDA ratio not exceeding 3.25 to 1.0[248]. - As of December 31, 2025, the company was in compliance with all applicable covenants under the amended credit agreement[248]. - The amended credit agreement provides for $1.1 billion of revolving credit commitments, expiring on June 16, 2030, with certain conditions for extensions[242]. - The company satisfied and discharged the Senior Notes due 2026 by depositing sufficient funds, thus releasing it from remaining obligations under those notes[252]. - As of December 31, 2025, the company had no outstanding amounts under the revolving credit facility after repaying $200 million of borrowings[243].