FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 ____________________________________________________________ For the Quarterly Period 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 No. 0-09115 ____________________________________________________________ ...

Revenue Growth - Revenue increased by $4.4 billion, or 5.5%, from the prior year quarter, driven by growth in both U.S. and International Healthcare Solutions segments [94]. - U.S. Healthcare Solutions revenue rose by $3.7 billion, or 5.0%, primarily due to unit volume growth, including a $1.0 billion increase in sales of GLP-1 products, offset by losses from a grocery and oncology customer [97]. - International Healthcare Solutions revenue increased by $0.7 billion, or 9.6%, mainly due to a $0.5 billion rise in sales at the European distribution business [98]. Profit and Operating Income - Gross profit increased by $514.0 million, or 20.1%, from the prior year quarter, with U.S. Healthcare Solutions gross profit up by $428.8 million, or 29.5% [100]. - Total segment operating income increased by $113.4 million, or 11.9%, with U.S. Healthcare Solutions operating income up by $144.4 million, or 21.0% [94]. - U.S. Healthcare Solutions' operating income increased by $144.4 million, or 21.0%, to $831.3 million, while International Healthcare Solutions' operating income decreased by $23.0 million, or 13.9%, to $142.2 million [114][115]. - Total segment operating income rose by 11.9% to $1.06 billion, driven by gains from antitrust litigation settlements and a LIFO credit [114]. Expenses and Impairments - Total operating expenses rose by $459.8 million, or 24.8%, primarily due to the acquisition of RCA and asset impairment in U.S. Consulting Services [94]. - Distribution, selling, and administrative expenses increased by $323.2 million, or 22.0%, compared to the prior year quarter, primarily due to the acquisition of RCA [106]. - An impairment of assets, including goodwill, of $249.5 million was recorded related to the U.S. Consulting Services business classified as held for sale [113]. Tax and Interest - The effective tax rates were 20.1% for the three months ended December 31, 2025, lower than the U.S. statutory rate due to benefits from lower taxed income and equity compensation [94]. - Interest expense, net increased by $44.5 million, or 159.2%, to $72.4 million, primarily due to the issuance of $1.8 billion in senior notes and a $0.8 billion variable-rate term loan [118]. - Effective tax rates were 20.1% for the three months ended December 31, 2025, compared to 20.4% in the prior year, benefiting from lower tax rates on certain income [119]. Cash Flow and Debt - Cash used in operations decreased by $0.4 billion to $2.3 billion, with significant cash outflows attributed to a $3.5 billion increase in inventories [124][125]. - Total debt as of December 31, 2025, was $7.92 billion, with $7.69 billion in additional credit facility availability [135]. - The company expects future cash flows from operations to be sufficient to meet ongoing cash requirements, including opioid litigation payments over the next 13 years [121]. - Cash and cash equivalents totaled $1.8 billion as of December 31, 2025, with a potential increase in net interest expense due to interest rate changes [154]. Capital Expenditures and Financing - Capital expenditures for the three months ended December 31, 2025, were $119.4 million, up from $105.9 million in the prior year, with plans to invest approximately $900 million in fiscal 2026 [129][130]. - Net cash provided by financing activities was $43.2 million, resulting from $0.3 billion in net borrowings under revolving credit facilities [132]. - A $1.5 billion delayed draw senior unsecured term loan facility was obtained in January 2026 to finance part of the acquisition of OneOncology [141]. - A $3.0 billion delayed draw senior unsecured term loan facility was also secured in January 2026 for the same acquisition [143]. Shareholder Returns and Obligations - The company authorized a share repurchase program of up to $2.0 billion, with $882.2 million available as of December 31, 2025 [147]. - The quarterly dividend was increased by 9% from $0.55 to $0.60 per share, with future dividends dependent on earnings and financial condition [148]. - The accrued litigation liability related to the Distributor Settlement Agreement is $4.3 billion, expected to be paid over the next 13 years [149]. - Total contractual obligations for future principal and interest payments amount to $13.7 billion as of December 31, 2025 [150]. - The company had $1.2 billion of variable-rate debt outstanding as of December 31, 2025 [153].

Financial Performance - Fiscal 2025 sales decreased by $1,524,000, or 6.2%, to $22,975,000 compared to $24,499,000 in fiscal 2024[6] - Net income from continuing operations for fiscal 2025 was $1,035,000, a significant improvement from a net loss of $94,000 in fiscal 2024[6] - Earnings per share (EPS) for fiscal 2025 was $0.20, compared to a loss of $0.02 per share in fiscal 2024[8] Segment Performance - Modular Buildings segment sales increased by $390,000, or 4.0%, to $10,226,000 in fiscal 2025[5] - Agricultural Products segment sales decreased by $1,914,000, or 13.1%, to $12,749,000 in fiscal 2025[6] Operating Expenses - Operating expenses decreased by approximately $872,000, or 12.7%, in fiscal 2025 compared to fiscal 2024[6] External Factors - The price of steel increased by 26% from the end of fiscal 2024 to the end of fiscal 2025, impacting gross profit[4] - The company anticipates improving market conditions in fiscal 2026 due to expected increases in commodity prices and interest rate relief for farmers[4] Strategic Focus - The company is focused on enhancing products and customer experience while maintaining balance sheet health and cash flow[2] - The company received an Employee Retention Credit refund in fiscal 2025 that positively impacted net income by $1,052,000 from continuing operations[6]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 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 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 1-5318 KENNAMETAL INC. (Exact name of registrant as specified in its charter) Pennsylvania 25-0900168 (Stat ...

Financial Performance - The Company recorded net income of $64,196,000 for the three months ended December 31, 2025, compared to $47,267,000 for the prior year quarter, reflecting a significant increase in profitability[252]. - For the three months ended December 31, 2025, net interest income was $171,111,000, an increase of $15,680,000 from the same quarter of the prior year[253]. - Total non-interest income for the three months ended December 31, 2025, was $20,255,000, a $4,553,000 increase from $15,702,000 in the prior year[258]. - Non-interest expense decreased to $105,721,000 for the three months ended December 31, 2025, from $111,311,000 in the prior year, representing a decrease of $5,590,000[259]. - Income tax expense totaled $18,105,000 for the three months ended December 31, 2025, compared to $12,984,000 for the prior year quarter, with an effective tax rate of 22.00%[261]. Asset and Liability Management - Total assets increased by $586,045,000 to $27,285,744,000 from $26,699,699,000 at September 30, 2025, primarily due to investment purchases[211]. - The Company's cash and cash equivalents totaled $734,915,000 at December 31, 2025, up from $657,310,000 at September 30, 2025[218]. - Customer account balances decreased by $20,666,000, or 0.1%, to $21,416,970,000 at December 31, 2025 compared to $21,437,636,000 at September 30, 2025[217]. - The Company has $4,142,285,000 of available-for-sale (AFS) securities carried at fair value, with a net unrealized loss of $667,000 as of December 31, 2025[199]. - The Company executed interest rate swaps to hedge interest rate risk, resulting in an unrealized gain of $94,529,000 as of December 31, 2025[199]. Capital Ratios and Equity - Shareholders' equity at December 31, 2025 was $3,029,407,000, or 11.10% of total assets, a decrease of $10,168,000 from the previous quarter[219]. - As of December 31, 2025, the Company reported a Common Equity Tier I risk-based capital ratio of 11.69%, exceeding the minimum requirement of 4.50%[226]. - The Tier 1 leverage ratio for the Company was reported at 9.44%, significantly above the minimum requirement of 4.00%[226]. - The total risk-based capital ratio for the Company was 14.72%, well above the minimum requirement of 8.00%[226]. Loan and Credit Quality - Loans receivable decreased by $240,462,000 to $19,848,156,000, primarily due to loan principal repayments of $1,343,635,000 outpacing originations of $1,118,549,000[230]. - The allowance for credit losses was $221,039,000, or 1.05% of gross loans, deemed sufficient to absorb estimated losses in the loan portfolio[246]. - Non-performing assets increased by $60,374,000 during the three months ended December 31, 2025, totaling $203,396,000, with non-accrual loans rising by $62,720,000[239]. - Total non-performing assets as a percentage of total assets rose to 0.75% at December 31, 2025, up from 0.54% at September 30, 2025[239]. - The provision for credit losses was $3,500,000 for the three months ended December 31, 2025, compared to no provision for the same period in 2024, increasing the reserve to 1.05% of gross loans[257]. Market and Investment Insights - The Company believes there have been no material changes in its quantitative and qualitative information about market risk since September 30, 2025[266]. - The Company expects to recognize approximately $20.0 million in tax benefits from its Low-Income Housing Tax Credit (LIHTC) investment portfolio during the fiscal year[263]. - The total amount of amortization expense related to LIHTC investments expected to be recognized during this fiscal year is about $15.9 million[265]. - Intangible assets increased to $443,085,000 as of December 31, 2025, due to small acquisitions made by the Company's insurance subsidiary[247]. Interest Rates and Margins - As of December 31, 2025, the net interest margin was 2.70%, an increase from 2.39% for the same period in 2024[207]. - The weighted average effective rate for borrowings increased to 2.74% as of December 31, 2025, from 2.50% at September 30, 2025[250]. - Cash and cash equivalents increased by $77,605,000, or 11.8%, to $734,915,000 from September 30, 2025[227]. - Available-for-sale (AFS) securities rose by $609,084,000, or 17.2%, due to purchases of $724,749,000 and unrealized gains of $9,924,000[228]. - The Company continues to focus on commercial lending, with commercial loan originations accounting for 94% of total originations during the quarter[230].

Financial Performance - For the first quarter of fiscal 2026, net sales and other operating revenues decreased by $106 million to $849 million compared to $955 million in the same period of fiscal 2025, driven by unfavorable pricing and product mix as well as lower volumes [85]. - Gross profit for the first quarter of fiscal 2026 was $211 million, a decrease of $24 million from $235 million in the first quarter of fiscal 2025, primarily due to lower volumes in both segments [86]. - Total segment EBIT for the first quarter of fiscal 2026 was $150 million, down from $175 million in the first quarter of fiscal 2025, reflecting lower EBIT in the Reinforcement Materials segment [96]. - Net income attributable to Cabot Corporation for the first quarter of fiscal 2026 was $73 million ($1.37 per diluted share), compared to $93 million ($1.67 per diluted share) in the same period of fiscal 2025 [94]. - Selling and administrative expenses increased by $3 million to $69 million in the first quarter of fiscal 2026, primarily due to higher legal expenses [87]. - Research and technical expenses decreased by $1 million to $13 million in the first quarter of fiscal 2026, attributed to cost management efforts [89]. - The effective tax rate for the first quarter of fiscal 2026 was 31%, with a provision for income taxes of $37 million, compared to a provision of $41 million in the same period of fiscal 2025 [90]. - Net income (loss) attributable to noncontrolling interests decreased by $2 million to $9 million in the first quarter of fiscal 2026, primarily due to lower earnings from joint ventures in China [93]. - Total other unallocated items remained flat at $(25) million in Q1 fiscal 2026 compared to Q1 fiscal 2025 [98]. Segment Performance - Reinforcement Materials sales decreased by $91 million to $520 million in Q1 fiscal 2026, primarily due to less favorable pricing and lower volumes [100]. - EBIT for Reinforcement Materials decreased by $28 million to $102 million in Q1 fiscal 2026, driven by lower volumes and lower gross profit per ton [101]. - Performance Chemicals sales decreased by $11 million to $300 million in Q1 fiscal 2026, primarily due to lower volumes and less favorable pricing [103]. - EBIT for Performance Chemicals increased by $3 million to $48 million in Q1 fiscal 2026, driven by higher gross profit per ton [104]. Cash Flow and Investments - Cash and cash equivalents decreased by $26 million to $230 million as of December 31, 2025 [107]. - Cash provided by operating activities totaled $126 million in Q1 fiscal 2026, compared to $124 million in Q1 fiscal 2025 [113]. - Investing activities consumed $69 million in Q1 fiscal 2026, down from $104 million in Q1 fiscal 2025 [117]. - Financing activities consumed $92 million in Q1 fiscal 2026, primarily due to share repurchases and dividend payments [121]. - Capital expenditures for fiscal 2026 are expected to be between $200 million and $230 million [119]. Risks and Challenges - The company faces risks from industry capacity utilization and competition from other specialty chemical companies [126]. - Regulatory and financial risks related to climate change developments are significant concerns for the company [126]. - The volatility in the price and availability of energy and raw materials, particularly due to geopolitical events like the Russian invasion of Ukraine, poses challenges [126]. - The company has experienced adverse changes in customer or joint venture relationships, impacting performance expectations [126]. - There are concerns regarding the failure to achieve growth expectations from new products and technology developments [126]. - The company may not realize benefits from acquisitions, alliances, or joint ventures, affecting portfolio management objectives [126]. - Unanticipated delays and increased costs in site development projects could hinder operational efficiency [126]. - Negative global or regional economic conditions may limit market opportunities for the company [126]. - The accuracy of assumptions used in establishing reserves for respirator claims is critical to financial reporting [126]. - Market risks for the period ended December 31, 2025 remain consistent with previous disclosures [127].

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 UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to ________________ Commission file number: 001-42623 Lakeshore Acquisition III Corp. (Exact name of registrant as specified in its charter) Cayman Islands N/A (State ...

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 UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to ________________ Commission file number: 001-42623 Lakeshore Acquisition III Corp. (Exact name of registrant as specified in its charter) Cayman Islands N/A (State ...

Financial Performance - Consolidated net sales for Q1 FY 2026 increased by $223,729, or 29.0%, to $996,454 compared to $772,725 in Q1 FY 2025[147] - Consolidated net earnings for Q1 FY 2026 were $133,719, representing 13.4% of net sales, compared to $87,091, or 11.3% of net sales, in Q1 FY 2025[146] - Consolidated net sales increased by $223,729, or 29.0%, to $996,454 for Q1 FY 2026, compared to $772,725 for Q1 FY 2025[156] - Consolidated net earnings increased by $46,628, or 53.5%, to $133,719 for Q1 FY 2026, compared to $87,091 for Q1 FY 2025[156] - Net earnings for Q4 2025 were $133.719 million, an increase from $87.091 million in Q4 2024, representing a growth of 53.5%[179] - Adjusted net earnings for Q4 2025 were $133.719 million, compared to $82.567 million in Q4 2024, reflecting a year-over-year increase of 61.8%[179] - Adjusted earnings per share for Q4 2025 were $2.17, up from $1.35 in Q4 2024, marking a 60.7% increase[179] - EBITDA for Q4 2025 was $207.832 million, compared to $140.694 million in Q4 2024, indicating a growth of 47.7%[185] - Adjusted EBITDA for Q4 2025 was $207.832 million, up from $134.851 million in Q4 2024, representing a 54.1% increase[185] - EBIT for Q4 2025 was $178.794 million, an increase from $112.818 million in Q4 2024, reflecting a growth of 58.3%[182] Segment Performance - Aerospace segment net sales rose to $634,897, up from $493,882, while Industrial segment net sales increased to $361,557 from $278,843[141] - Aerospace segment net sales increased by $141,015, or 28.6%, to $634,897 for Q1 FY 2026, compared to $493,882 for Q1 FY 2025[157] - Industrial segment net sales increased by $82,714, or 29.7%, to $361,557 for Q1 FY 2026, compared to $278,843 for Q1 FY 2025[162] - Aerospace segment earnings increased by $53,670, or 56.7%, to $148,395 for Q1 FY 2026, compared to $94,725 for Q1 FY 2025[160] - Industrial segment earnings increased by $26,797, or 66.7%, to $66,994 for Q1 FY 2026, compared to $40,197 for Q1 FY 2025[163] Cash Flow and Expenses - Free cash flow for Q1 FY 2026 was $70,308, a significant increase from $942 in Q1 FY 2025, attributed to higher earnings and tax payment timing[144] - Net cash provided by operating activities was $114,437 for Q1 FY 2026, compared to $34,516 for the same period in FY 2025[173] - Net cash used in investing activities increased to $48,329 for Q1 FY 2026, compared to $32,100 for Q1 FY 2025, primarily due to higher capital expenditures[175] - Selling, general, and administrative expenses rose by 36.3% to $94,985, representing 9.5% of net sales, compared to 9.0% in Q1 FY 2025[151] - Research and development costs were $37,756, or 3.8% of net sales, slightly down from 3.9% in Q1 FY 2025[152] Tax and Interest - The effective tax rate for Q1 FY 2026 was 20.9%, up from 14.5% in Q1 FY 2025[141] - The adjusted effective tax rate for Q4 2025 was 20.9%, compared to 14.0% in Q4 2024[180] - Interest expense decreased by $1,997, or 16.2%, to $10,344 for Q1 FY 2026, compared to $12,341 for Q1 FY 2025, with interest expense as a percentage of net sales at 1.0%[153] Operational Changes - The company plans to wind down its on-highway natural gas truck manufacturing operations in China, expecting pre-tax charges of approximately $20,000 to $25,000[139][140] Debt - Net debt borrowings increased to $185,448 in Q1 FY 2026, compared to $40,764 in Q1 FY 2025[176]

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 1-16483 Mondelēz International, Inc. (Exact name of registrant as specified in its charter) (State or other ju ...